Indian crypto exchange CoinDCX is not for sale, at least according to co-founder and CEO Sumit Gupta, who shot down claims that crypto giant Coinbase is in advanced talks to acquire the exchange.
Gupta took to X on Tuesday to dismiss a Mint report claiming Coinbase is in discussion to acquire CoinDCX for nearly $1 billion, just 11 days after hackers drained $44.2 million from the company's operational wallet.
"Ignore the rumours! CoinDCX is 'super focused' on building for India's crypto story and not up for sale," he tweeted. "Will share more later but just wanted to clarify this upfront!"
When asked for comment, CoinDCX redirected Decrypt to Gupta's tweet.
A deal could value CoinDCX at less than $900 million, a sharp drop from its peak $2.2 billion valuation three years ago, according to the report, citing unnamed sources.
Coinbase reportedly views this as a "long-term strategic bet" and a "low-cost gamble" to position itself in India's emerging crypto market.
The exchange has yet to respond to Decrypt’s request for comment.
“Coinbase’s potential acquisition of CoinDCX validates that view and signals the scale of what’s to come,” Upmanyu Misra, former Citibank and JP Morgan investment banker and risk policy advisor, told Decrypt.
“Regulatory clarity is accelerating strategic consolidation, with global players moving fast to outpace local rivals, secure top talent, and lock in market share, Mishra added, calling it an “opening move” for wider industry restructuring.
Meanwhile, Coinbase, already registered with India’s Financial Intelligence Unit (FIU) since March, has been vocal about its ambitions in the region.
“India represents one of the most exciting market opportunities in the world today,” John O’Loghlen, Coinbase’s APAC Managing Director, said in a March blog post announcing the news.
The report also indicated Coinbase might explore merging its existing investments in both CoinDCX and competitor CoinSwitch.
“We don't have active conversations in this regard at this time,” CoinSwitch told Decrypt, addressing the rumors.
“We believe competition is good and it will ultimately benefit users,” the exchange said. “And with our understanding of the Indian ecosystem, we will continue to be a leader in India’s crypto ecosystem.”
The rumors of a possible acquisition surfaced less than two weeks after CoinDCX experienced a major security breach, one that shook India’s crypto community and raised questions about the exchange’s resilience.
Following the hack, the exchange announced it would absorb the full loss from its treasury reserves and launched a recovery bounty program offering white hat hackers up to 25% of recovered funds.
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