- 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.
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.
Previous Articles:
- Ruble-Backed A7A5 Stablecoin Surges Amid Sanctions Evasion Claims
- OFAC Sanctions Aeza Group for Supporting Global Cybercrime
- Shiba Inu Faces $52M Short Liquidations, Price Dip Likely
- South Korea Parties Clash Over Stablecoin Bills, Interest Ban Divides
- Judge Bars Tornado Cash Founder’s Key Messages in Criminal Trial
