Coinbase has fortified its financial bond with the Mumbai-based CoinDCX, and the new investment round they set up is a clear and strong indication of their faith in the Indian cryptocurrency market. This move puts the Indian exchange’s post-money valuation at around $2.45 billion.
The two companies have not disclosed the precise share of equity nor the particular amount of money involved, but the new funding round has valued CoinDCX
In 2020, Coinbase was initially a supporter of CoinDCX and later, in the same year, during the Series D funding round of 2022 and now bidding for Stablecoin firm BVNK
On the other hand, Coinbase appears to be on the other side of the fence, which indicates trust in CoinDCX’s resilience and a bright future. In his publicly accessible remarks, Coinbase’s Chief Business Officer Shan Aggarwal
Concurrently, CoinDCX has been growing its geographical reach, including acquisitions to encompass the Middle East and North Africa. CoinDCX claims over 20 million users in scale, with assets under custody exceeding ₹100 billion and yearly transaction volume reaching ₹13.7 trillion.
