Coinbase has increased its investment in Coindcx, India, assessing the exchange to $ 2.45 billion after money, as US encryption giants in the country’s digital property potential, even when the regulation remains unclear.
The investment is an extension of the previous COindCX funding round and is subject to regulatory approvals and ordinary closing conditions, companies said on Wednesday. They did not disclose the amount invested or the size of the coinbase share, but noted that the new round increased the Indian exchange valuation from $ 2.15 billion in its last increase in April 2022.
Coindcx confirmed to TechCrunch that the latest funding is a new capital investment from Coinbase. The American exchange has been an investor in Coindcx since 2020 and recently supported the Indian exchange in the D -series in 2022 through his business capital, Coinbase Ventures.
Specifically, funding comes just months after the COindCX violation in July that led to the theft of assets of about $ 44 million. Comes in the middle of references earlier this year, suggesting that coinbase was gaining Coindcx – claims that the CEO of Indian Exchange Refused at the moment.
“This investment adds to our growing presence in the area, where we also maintain local businesses and other important local partners”, said Coinbase’s chief businessman Shan Aggarwal in a blog position. “Overall, these steps reflect a clear commitment: We believe that India and its neighbors will help to shape the future of the world economy onchain.”
Over a year after business interruption in India, Coinbase repeated the market earlier this year, recording the country’s financial intelligence unit. The US exchange is also an investor at Coinswitch, another top cryptography platform.
India, the most populous country in the world and home in more than one billion subscribers on the Internet, is a key market for US technology giants. However, the southern Asia nation remains a relatively small market for encryption, partly due to regulatory uncertainty and a 30% government tax on digital assets, along with a 1% contribution in each transaction. New Delhi also limits offshore encryption exchanges unless they register with his financial guard. Recently, 25 world platforms – including Bingx, LBank and Coinw – came under government control because they failed to register and comply with the rules against legalization of legalization.
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Coinbase’s movement to double coindcx to extend its presence in India has strategic logic as Indian exchange has a strong local footprint with More than 20.4 million users. In July, Coindcx referenced Customer assets exceeding $ 100 billion (about $ 1.12 billion), annual revenue from $ 11.79 billion (about $ 133 million) and annual volumes of transactions between products totaling $ 13.7.
In addition to India, Coindcx expanded to the Middle East and North Africa (Mena) last year acquiring bitoasis. Coinbase could use this footprint to enhance its presence in the area, one of the fastest growing encryption markets worldwide.
The new chapter will be used to strengthen the products, to develop users, expand to new geographical areas and deepen educational initiatives, COindcx said in a statement.
“We are seeing strong synergies with Coinbase in building a compatible and regulatory encryption ecosystem in India, Mena and beyond,” said Sumit Gupta, co -founder and chief executive of Coindcx.
