Coinbase has increased its investment in India’s CoinDCX, valuing the exchange at $2.45 billion after the money was transferred, as the U.S. crypto giant bets on the country’s digital asset potential whilst regulations remain unclear.
The investment is an extension of CoinDCX’s previous financing round and is subject to regulatory approvals and customary closing conditions, the corporations said Wednesday. They didn’t disclose the amount invested or the size of Coinbase’s stake, but noted that the recent round raised the Indian exchange’s valuation from $2.15 billion during its last raise in April 2022.
CoinDCX confirmed to TechCrunch that the latest financing is an investment of recent capital by Coinbase. The US exchange has been an investor in CoinDCX since 2020 and last supported the Indian exchange in a Series D round in 2022 through its enterprise capital arm Coinbase Ventures.
Notably, the funding comes just months after CoinDCX suffered a security breach in July that led to the theft of roughly $44 million in assets. This follows reports from earlier this 12 months suggesting that Coinbase did acquiring CoinDCX – says the director of the Indian stock exchange denied at the time.
“This investment strengthens our growing presence in the region where we also maintain local operations and other important local partners,” he said Coinbase Chief Business Officer Shan Aggarwal in a blog post. “Taken together, these steps reflect a clear commitment: we believe India and its neighbors will help shape the future of the global onchain economy.”
More than a 12 months after ceasing operations in India, Coinbase re-entered the market earlier this 12 months by registering with the country’s Financial Intelligence Unit. The US exchange is also an investor in CoinSwitch, one other leading Indian crypto platform.
India, the world’s most populous country with over a billion web subscribers, is a key market for US tech giants. However, the South Asian country stays a relatively small market for cryptocurrencies, partly as a result of regulatory uncertainty and a flat 30% government tax on profits from digital assets, along with a 1% fee on each transaction. New Delhi also restricts foreign cryptocurrency exchanges unless they register with its financial regulator. Recently, 25 global platforms – including BingX, LBank and CoinW – got here under government scrutiny for failing to register and comply with anti-money laundering regulations.
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Coinbase’s decision to double its stake in CoinDCX to expand its presence in India makes strategic sense as the Indian exchange has a strong local footprint due to over 20.4 million users. In July, CoinDCX reported customer assets in excess of £100 billion (roughly $1.12 billion), annual group revenues of £11.79 billion (roughly $133 million) and annual product transaction volumes totaling £13.7 trillion (roughly $154.6 billion).
In addition to India, CoinDCX expanded into the Middle East and North Africa (MENA) last 12 months with the acquisition of BitOasis. Coinbase could use this footprint to strengthen its presence in the region, one of the fastest-growing cryptocurrency markets in the world.
The recent capital can be used to enhance products, drive user growth, expand into recent geographies and deepen educational initiatives, CoinDCX said in a statement.
“We see strong synergy with Coinbase in building a compliant and regulatory-friendly cryptocurrency ecosystem in India, the MENA region and beyond,” said Sumit Gupta, co-founder and CEO of CoinDCX.