Coinbase Invests In CoinDCX, Eyes an India Return After Setback
US crypto exchange Coinbase has invested in Indian crypto unicorn CoinDCX to return to the country after regulatory hurdles.
Coinbase announced the investment through a press release on October 15. CoinDCX is India’s first unicorn startup in the blockchain space and a cryptocurrency exchange.
“India and the Middle East are set to play a big role in the future of crypto – and CoinDCX is a high-growth, financially sound business built for scale at the center of the region’s massive growth opportunity,”
said Shan Aggarwal, Coinbase’s chief business officer. The investment aims to strengthen Coinbase’s presence in India and the Middle East, with CoinDCX CEO Sumit Gupta stating the deal values his company at $2.45 billion.
Coinbase did not specify the exact details of the investment.
Author's summary: Coinbase invests in CoinDCX to expand in India.