Coinbase is reportedly in “advanced discussions” to acquire CoinDCX, the recently hacked Indian crypto exchange in which it already holds a stake, according to a local news report.
If completed, the deal would be valued at less than a billion dollars and deepen Coinbase’s ties in the Indian market, according to a report from Mint on Monday, which cited two unnamed sources familiar with the matter.
“Coinbase sees this as a long-term strategic bet,” one of the sources told Mint, adding:
“Buying CoinDCX at this discounted valuation is essentially a low-cost gamble—positioning itself for potential upside if India’s crypto market eventually matures.”
A Coinbase spokesperson told Cointelegraph they “don’t comment on rumors or speculation.”
“We have a bold mission to increase economic freedom in the world, and are constantly exploring opportunities around the world to build, buy, partner and invest to accelerate our roadmap.”
The reported valuation is a considerable departure from the $2.2 billion valuation CoinDCX received in April 2022.
CoinDCX recovers from $44 million hack
The incident comes around 11 days after CoinDCX suffered a $44.2 million hack on July 18, when attackers breached an operational wallet and drained it within minutes.
CoinDCX’s security setup ensured that all customer funds remained unaffected.
Coinbase may consider upping its stakes in another Indian crypto exchange
Another option reportedly being weighed up is to combine Coinbase’s stakes in CoinDCX and CoinSwitch, another large Indian crypto exchange, one of the two sources told Mint, adding, however, that no formal talks were underway.
Related: Coinbase sues man using a Coinbase-like URL to make money
It comes as Coinbase registered with India’s Financial Intelligence Unit in March — possibly signaling its intention to expand its presence in the world’s most populous country.
Coinbase has been on an acquisition spree
Meanwhile, in May, Coinbase completed a $2.9 billion cash-and-stock acquisition of Deribit as part of a move to position it as a leader in the crypto derivatives market.
Earlier this month, Coinbase also acquired Liquifi, a token-management platform serving early‑stage onchain builders.
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