CoinDCX Denies Reports of Coinbase Acquisition Negotiations

CoinDCX Denies Acquisition Talks with Coinbase, Reaffirms Commitment to India Amid Security Breach Report

  • CoinDCX denied reports claiming that Coinbase is looking to acquire the company.
  • CoinDCX CEO Sumit Gupta said the exchange is not up for sale and remains focused on India.
  • A media outlet reported that Coinbase is in talks to buy CoinDCX at a valuation below $1 billion, down from $2.2 billion in 2021.
  • CoinDCX recently handled a $44 million security breach, with customer funds reported safe.
  • Coinbase declined to comment on the reported deal and reiterated its global business ambitions.

CoinDCX, India’s largest cryptocurrency exchange, said it is not being acquired by U.S.-based competitor Coinbase. This statement comes after local news articles claimed that Coinbase was in advanced talks to purchase the Mumbai-based company.

- Advertisement -

The report suggested that the potential acquisition would value CoinDCX at less than $1 billion, a significant drop from its $2.2 billion valuation in 2021. It added that Coinbase already holds equity in both CoinDCX and its rival, CoinSwitch.

In response, CoinDCX CEO Sumit Gupta directly addressed the rumors on social media. He posted on X that investors should “ignore the rumours” and that CoinDCX is “super focused on building for India’s crypto story and not up for sale! Will share more later, but just wanted to clarify this upfront!”* He said the company is committed to its India-focused strategy.

A spokesperson for Coinbase stated, “We don’t comment on rumors or speculation. We have a bold mission to increase economic freedom in the world, and are constantly exploring opportunities around the world to build, buy, partner and invest to accelerate our roadmap.” The company did not provide further information regarding the alleged merger.

Recently, CoinDCX experienced a security breach that targeted one of its operational wallets, involving $44 million. The company said it managed to contain the exploit quickly, ensuring that crypto assets stored in cold wallets (offline, and considered safer against hacks) remained untouched and secure.

For more details, refer to the original report published by Mint and Gupta’s statement on social media.

✅ Follow BITNEWSBOT on Telegram, Facebook, LinkedIn, X.com, and Google News for instant updates.

- Advertisement -

Previous Articles:

Stay in the Loop

Get exclusive crypto insights, breaking news, and market analysis delivered straight to your inbox. No fluff, just facts.

    1 Email per day. Unsubscribe at any time.

    - Advertisement -

    Latest News

    Thailand Launches TouristDigiPay for Crypto-to-Baht Conversion

    Thailand is allowing foreign tourists to convert cryptocurrency to its local currency using a...

    The 2nd Edition of the CoinFerenceX Decentralized Web3 Summit: Builders, Investors, and Developers Meet Again to Shape The Web Space

    Singapore is the global blockchain hub, and it is hosting the upcoming CoinFerenceX web3...

    Bitcoin Slides Below $115K as Markets Await Powell’s Jackson Hole Speech

    Bitcoin dropped below $115,000 after setting a record high of more than $124,000 earlier...

    Dogecoin Plunges 4% to $0.22 as Liquidations Top $1B Amid Volatility

    Dogecoin declined by 4% overnight, falling from $0.23 to $0.22 amid heavy trading and...

    SEC Delays Trump’s Truth Social Bitcoin, Ethereum ETF Decision

    The U.S. Securities and Exchange Commission delayed its decision on the Truth Social Bitcoin...

    Must Read

    How to Choose a Cryptocurrency Exchange: Major Risks and Expert Advice

    During the bitcoin frenzy, in late 2017, Coinbase, one of the key players in the global cryptocurrency market, stopped trading operations. At a point...