CoinDCX Dismisses Report of Coinbase Acquisition Talks

CoinDCX, India's largest crypto change, dismissed a neighborhood media report that U.S. rival Coinbase (COIN) was seeking to purchase it.

“Ignore the rumours,” CEO Sumit Gupta stated Tuesday in a put up on X.

Earlier within the day Mint reported that Coinbase was in superior talks to amass the Mumbai-based firm, citing two individuals with information of the matter. The potential acquisition might worth CoinDCX at lower than $1 billion, a steep drop from its $2.2 billion valuation in 2021, it stated.

Mint's sources added that Coinbase already has fairness in each CoinDCX and rival CoinSwitch.

In his put up, Gupta emphasised the change's India-focused technique.

“CoinDCX is 'super focused' on building for India’s crypto story and not up for sale! Will share more later, but just wanted to clarify this upfront!” Gupta famous.

Coinbase declined to remark.

“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,” it said.

CoinDCX recently suffered a $44 million safety breach that focused an operational pockets. The exploit was rapidly contained, guaranteeing the crypto belongings have been untouched and protected in chilly wallets.