Coinbase, one of the world’s largest cryptocurrency exchanges, has announced a strategic investment in India’s largest cryptocurrency exchange CoinDCX, valuing it at $2.45 billion. This is Coinbase’s largest investment in India to date.
What’s even more exciting is that Coinbase will soon bring regulated crypto products like ETFs to the Indian market, opening up new opportunities for investors.
Coinbase backs CoinDCX at a $2.45 billion valuation
On October 15, via a blog postCoinbase has announced a new investment in CoinDCX, valuing the Indian exchange at $2.45 billion. Meanwhile, this collaboration is not new: Coinbase has supported CoinDCX since 2020.
In 2022, it participated in a $135 million funding round, valuing the company at $2.15 billion. Since then, CoinDCX has grown rapidly and now serves more than 20 million users with $141 million in annual revenue and $1.2 billion in assets under custody.
The deal still needs regulatory approval in India, where rules and taxes such as a flat 30% crypto profits tax and a 1% transaction tax have made the market difficult for global companies.
Despite these hurdles, Coinbase remains says CEO Brian Armstrong that Coinbase believes India’s huge and growing internet user base makes the country an important place to be.
“There is rapid technology adoption in India and the Middle East, and there are already more than 100 million crypto holders. We are excited to do more in these markets and help continue to accelerate adoption. Coinbase is going global.”
The founders of CoinDCX call it a vote of confidence in India
The investment comes months after CoinDCX settled a $44.2 million hack in July using its own reserves while denying takeover rumors.
Co-founders Sumit Gupta and Neeraj Khandelwal called Coinbase’s move a strong vote of confidence in India’s improving crypto regulations. They said CoinDCX will remain focused on transparency, innovation and user education, with the aim of building secure and trusted crypto solutions for both Indian and global users.
Coinbase May Introduce Crypto ETFs Soon
What makes this move even more interesting is the timing. The investment comes amid growing speculation that Coinbase will soon introduce crypto ETFs in India. As global regulators, including the US SEC, approve crypto-backed ETFs, interest in regulated digital assets is rapidly increasing.
With global interest increasing and Indian regulatory talks gaining momentum, experts believe the next wave of ETF launches could mark a turning point for Indian cryptocurrency.
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