CoinDCX raises fresh funds from Coinbase, valuation to hit $2.45 billion

Global cryptocurrency exchange and on-chain economy player Coinbase has entered into an agreement to make an additional investment in Indian crypto exchange CoinDCX, further deepening its presence in India’s digital asset ecosystem. 

 

Notably, Coinbase has been an investor in CoinDCX since 2020. The latest investment is an extension of the company’s previous funding round and, once completed, will value CoinDCX at $2.45 billion post-money.

 

“This new capital infusion reinforces CoinDCX’s strong position in India’s digital asset space and strengthens its commitment to making crypto accessible in a simple, secure, and compliant manner,” the company said in a release.

 

 

The completion of the funding, CoinDCX said, is subject to regulatory approvals and other customary closing conditions.  ALSO READ | Citi bets on blockchain, plans to launch crypto custody by 2026: Report 

CoinDCX, one of India’s largest crypto exchanges, offers services to over 20 million investors and provides diversified crypto investment solutions. It is backed by global investors including Polychain, Bain Capital, Jump Capital, Pantera, Steadview, Kingsway, Draper Dragon, R Capital, Kindred, Block.One, and Cadenza, among others. The company currently offers more than 500 crypto assets and over 200 trading pairs, with products ranging from SIPs to advanced trading options.

 

The fresh capital, CoinDCX said, will be used to drive product innovation, fuel user growth, expand into new geographies, and strengthen educational initiatives aimed at fostering crypto awareness.

 

Commenting on the development, Shan Aggarwal, chief business officer, Coinbase, said, “India and the Middle East are among the most dynamic regions for crypto adoption and innovation. We’re excited to support CoinDCX’s continued growth and look forward to expanding our partnership in the months ahead.”

 

On Coinbase’s decision to increase its investment, Sumit Gupta, Co-founder, CoinDCX, said, “This is a strong validation of CoinDCX’s long-term vision and responsible growth strategy. Coinbase is globally recognized for building compliant-first crypto businesses. We see strong synergies with Coinbase in building a compliant and regulatory-friendly crypto ecosystem in India, MENA, and beyond.”