Coinbase acquiring CoinDCX? Deal could value exchange under $1 billion
Coinbase is close to buying Indian crypto exchange CoinDCX, just days after CoinDCX lost $44 million in a major hack on July 19.
The deal could value CoinDCX at under $1 billion—a big drop from its $2.2 billion peak in 2020—as Coinbase prepares to roll out retail crypto trading in India.
Trust has taken a hit after the hack
While the hack was serious, customer funds stayed safe. CoinDCX is offering up to 25% (about $11 million) as a bounty for any recovered money.
Still, trust has taken a hit, and investors are watching closely.
Coinbase backs both CoinDCX and rival CoinSwitch
Coinbase already backs both CoinDCX and rival CoinSwitch as it looks to grow in India.
The company also registered with India's Financial Intelligence Unit this March, showing it's serious about the market.
Meanwhile, CoinSwitch says it isn't talking mergers with anyone right now, despite all the buzz around these big moves.
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