Coinbase, a cryptocurrency exchange based in the US, has announced a fresh investment in CoinDCX, one of India's largest digital asset platforms, representing a significant expansion of its reach in India and the Middle East.
Although the amount of the investment was not disclosed, it values CoinDCX at $2.45 billion, indicating renewed global interest in India's growing crypto ecosystem.
Both companies confirmed that the agreement is still subject to getting approval from regulators, and specific details regarding the investment size and timeline have not been revealed.
Coinbase said the investment aligns with its strategic goal of deepening its presence in regions with significant crypto growth potential.
“With over 1.4 billion people, rising technology adoption, and more than 100 million crypto users, India and the Middle East are poised to play a major role in the future of digital finance,” Coinbase noted in a statement.
The company highlighted that the partnership builds on earlier investments made through Coinbase Ventures, which has participated in multiple CoinDCX funding rounds since 2020.
“This investment adds to our growing presence in the region, where we also maintain local operations and partnerships,” Coinbase’s Chief Business Officer Shan Aggarwal said, adding that these efforts reflect a clear commitment to shaping the global on-chain economy through emerging markets.
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CoinDCX is a crypto platform that was founded in 2018, headquartered in Mumbai, and has quickly emerged as the top crypto platform in the country.
According to its most recent company data, CoinDCX has over 20.4 million users, $165 billion of annualized trading volume, and $1.2 billion of assets under custody.
Co-founder and CEO Sumit Gupta described the partnership as a reflection of shared conviction in India’s long-term crypto potential.
“This deal is not just about capital, it’s about belief in our regulatory-first approach and our mission to make India and the UAE central to the global crypto movement,” Gupta said on LinkedIn.
Driving crypto innovation and new on-chain use cases for India and beyond.
Leading with compliance and transparency to set industry benchmarks.
Educating millions to help users safely participate in the digital economy.
The announcement comes just months after CoinDCX faced a $44 million security breach, in which hackers compromised an internal account used for liquidity management. The company confirmed that no customer funds were affected.
Coinbase declined to comment further beyond its official announcement, while CoinDCX maintained that the deal represents confidence in its fundamentals and future growth.
As the crypto industry reacts to changing regulations in India and throughout the Middle East, the investment represents an increase in institutional confidence in the region's market in the global digital asset economy.