US crypto giant Coinbase invests in CoinDCX at $2.45 billion valuation

Bengaluru: US cryptocurrency exchange Coinbase has increased its investment in CoinDCX, valuing the crypto exchange at $2.45 billion post-money. This investment round is an extension of the last fundraising. The fresh capital will be used to fuel product innovation, drive user growth and expand into new geographies.

Founded in 2018, CoinDCX, which is backed by investors including Polychain, Bain Capital, Jump Capital, Pantera and Steadview, among others, has over 2 crore users.

“India and the Middle East are among the most dynamic regions for crypto adoption and innovation. We’re excited to support CoinDCX’s continued growth and look forward to expanding our partnership in the months ahead,” said Shan Aggarwal, Chief Business Officer, Coinbase.

CoinDCX employs over 400 employees, and in 2024, the exchange made its international foray with the acquisition of Dubai-based BitOasis, a virtual assets broker-dealer in the MENA region.

"Coinbase has been an investor in CoinDCX since 2020. Its decision to infuse more capital is a strong validation of CoinDCX’s long-term vision and responsible growth strategy. Coinbase is globally recognised for building compliant-first crypto businesses. We see strong synergies with Coinbase in building a compliant and regulatory-friendly crypto ecosystem in India, MENA and beyond," said Sumit Gupta, Co-founder, CoinDCX.

In July, CoinDCX had a security breach of about $44 million. The co-founder, Sumit Gupta, later said that the crypto exchange is financially strong and fully operational.

He had said that DCX Group - comprising CoinDCX (India), BitOasis (UAE and Bahrain), and Okto - is a high-growth, financially sound business built for scale and that its annualised group revenue stands at Rs 1,179 crore and Assets under custody (AUC) are over Rs 10,000 crore.