Coinbase in Talks to Acquire Hacked Indian Exchange CoinDCX
Deal could value CoinDCX under $1B, deepening Coinbase's push into India after a $44M security breach at the local exchange.
Coinbase (COIN) is reportedly in advanced discussions to acquire CoinDCX, one of India's largest cryptocurrency exchanges, in a deal that could value the firm at under $1 billion. The potential acquisition signals a significant acceleration of Coinbase's strategy in the high-growth Indian market and comes just weeks after .
The move represents an opportunistic push for Coinbase, potentially allowing it to acquire a major local player at a steep discount. CoinDCX, which was valued at $2.2 billion in 2021, recently faced a major setback when attackers drained funds from an internal hot wallet. While the company stated customer funds in cold storage were safe and that treasury reserves would cover the loss, the incident has evidently created an opening for a strategic buyer.
According to , the talks are in a late stage. Coinbase is already an investor in CoinDCX through its venture arm and holds a stake in its local competitor, CoinSwitch. A full acquisition would solidify its presence after securing a Financial Intelligence Unit license in India earlier this year, marking a decisive re-entry into the market.
Despite the detailed reports, the deal is not yet official. In a public statement, , stating on the social media platform X that the exchange is 'super focused' on building for the Indian market. Coinbase has adhered to its corporate policy of not commenting on 'rumors or speculation.'
Investors will be closely watching for any official announcement. An acquisition would underscore Coinbase's aggressive international expansion strategy, following its recent $2.9 billion purchase of derivatives platform Deribit, and its focus on capturing growth in key markets like Asia.