Coinbase is reportedly in “superior discussions” to accumulate CoinDCX, the just lately hacked Indian crypto trade during which it already holds a stake, in line with an area information report.
If accomplished, the deal could be valued at lower than a billion {dollars} and deepen Coinbase’s ties within the Indian market, in line with a report from Mint on Monday, which cited two unnamed sources acquainted with the matter.
“Coinbase sees this as a long-term strategic guess,” one of many sources advised Mint, including:
“Shopping for CoinDCX at this discounted valuation is basically a low-cost gamble—positioning itself for potential upside if India’s crypto market finally matures.”
A Coinbase spokesperson advised Cointelegraph they “don’t touch upon rumors or hypothesis.”
“We’ve got a daring mission to extend financial freedom on the planet, and are always exploring alternatives all over the world to construct, purchase, companion and make investments to speed up our roadmap.”
The reported valuation is a substantial departure from the $2.2 billion valuation CoinDCX acquired in April 2022.
CoinDCX recovers from $44 million hack
The incident comes round 11 days after CoinDCX suffered a $44.2 million hack on July 18, when attackers breached an operational pockets and drained it inside minutes.
CoinDCX’s safety setup ensured that every one buyer funds remained unaffected.
Coinbase could contemplate upping its stakes in one other Indian crypto trade
An alternative choice reportedly being weighed up is to mix Coinbase’s stakes in CoinDCX and CoinSwitch, one other massive Indian crypto trade, one of many two sources advised Mint, including, nevertheless, that no formal talks had been underway.
Associated: Coinbase sues man utilizing a Coinbase-like URL to earn money
It comes as Coinbase registered with India’s Monetary Intelligence Unit in March — probably signaling its intention to broaden its presence on the planet’s most populous nation.
Coinbase has been on an acquisition spree
In the meantime, in Could, Coinbase accomplished a $2.9 billion cash-and-stock acquisition of Deribit as a part of a transfer to place it as a frontrunner within the crypto derivatives market.
Earlier this month, Coinbase additionally acquired Liquifi, a token-management platform serving early‑stage onchain builders.
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