Coinbase Eyes Dominance: In Advanced Talks to Acquire India’s Crypto Giant CoinDCX
Coinbase is making power moves—negotiations are heating up to snap up India's leading crypto exchange CoinDCX. If this deal lands, it could reshape Asia's crypto landscape overnight.
Why it matters: India's crypto market is a sleeping giant. With 1.4 billion people and surging digital adoption, this acquisition would give Coinbase a nuclear option against Binance's regional dominance.
The subplot: Regulatory chess. Coinbase famously quit India in 2023 after RBI pressure. Buying CoinDCX—already compliant with local rules—is like hiring a sherpa to climb Mount Regulation.
Wall Street won't care until the revenue numbers hit, but crypto natives know: this is about planting flags before the next bull run. Just don't ask about the acquisition price—some things are better left undisclosed (probably for shareholders' blood pressure).
Coinbase Could Acquire CoinDCX as Valuation Falls Below $1B
This potential acquisition follows CoinDCX’s recovery from a recent hacking incident. According to CoinDCX’s disclosure, CoinDCX suffered a security breach involving unauthorized access to its operational hot wallet. The attack resulted in approximately $44 million in losses from trade liquidity funds. The company immediately contained the incident and delayed the public announcement for 17 hours.
Blockchain sleuth ZachXBT traced the attacker who received 1 ETH via Tornado Cash. Security firm Cyvers detected suspicious withdrawals as funds moved across multiple blockchain addresses.
During CoinDCX’s peak period, the exchange achieved a $2.15 billion valuation after raising $135 million in Series D funding. The company had amassed over 10 million users and was aggressively expanding its workforce from 400 to 1,000 employees. However, the exchange’s valuation has since fallen to below $1 billion following the recent security breach.
Coinbase’s role as a potential buyer signals its strong interest in the Indian market—one of the fastest-growing regions globally for cryptocurrency adoption. According to data from Triple-A, India ranks among the top countries worldwide, with over 93 million crypto holders.
In March, the leading US exchange secured a license from India’s Financial Intelligence Unit. This MOVE signals its aim to re-enter the market after regulatory hurdles cut short its brief 2022 launch.
CoinDCX ranks 397th among centralized exchanges on CoinMarketCap at the time of reporting. The Indian cryptocurrency exchange recorded a 24-hour spot trading volume of $14 million (equivalent to 119 BTC), while maintaining total assets valued at $160 million.
