 
 
India’s largest crypto exchange, CoinDCX, is not up for sale, at least according to its CEO Sumit Gupta, who dismissed a local media report claiming that American crypto behemoth Coinbase is in talks to acquire the exchange.
“Ignore The Rumors”
On Tuesday, Mint reported that Coinbase was in advanced discussions to acquire CoinDCX, citing two anonymous sources familiar with the matter. The potential takeover could value the Mumbai-based exchange at approximately $900 million, which Mint suggested was a huge drop from its peak $2.2 billion valuation in 2021.
“Ignore the rumours! CoinDCX is ‘super focused’ on building for India’s crypto story and not up for sale,” CEO Gupta declared in a July 29 post on X. “Will share more later but just wanted to clarify this upfront!”
Coinbase reportedly views this as a “long-term strategic bet” and a “low-cost gamble” to position itself in India’s burgeoning crypto industry. The publication also claimed that Coinbase already has equity in both CoinDCX and its competitor CoinSwitch.
The rumors come after hackers drained $44.2 million from CoinDCX’s operational wallet via a sophisticated server attack.
 
Coinbase Eyes India Comeback
Earlier this year, reports emerged that Coinbase was looking to return to India’s crypto market, more than a year after it was forced to discontinue operations in the country.
The potential acquisition of CoinDCX would have given the global crypto exchange a major advantage.
While Coinbase did not publicly dismiss the claims, the company’s representative reportedly said:
“We don’t comment on rumors or speculation. We have a bold mission to increase economic freedom in the world, and are constantly exploring opportunities around the world to build, buy, partner, and invest to accelerate our roadmap.”
Source: https://zycrypto.com/coindcx-denies-reports-of-potential-acquisition-by-coinbase-after-44-million-hack/