Coinbase India Expansion: Now CoinDCX on Acquisition Radar
According to Wublockchain, Coinbase is allegedly in talks to buy CoinDCX, one of the top cryptocurrency exchanges in India. After CoinDCX recovered from a recent hacking event, this possible takeover came about. CoinDCX disclosed that unauthorized access to its operational hot wallet was the result of a security vulnerability. Around $44 million was lost by trade liquidity funds as a result of the attack. The corporation postponed the public announcement for 17 hours and promptly contained the situation.
Coinbase Eyes Reentry Into India’s Booming Crypto Market With CoinDCX Move
Being a possible buyer shows Coinbase’s keen interest in the Indian market, which is one of the areas where cryptocurrency usage is expanding the quickest in the world. With more than 93 million cryptocurrency owners, India is one of the top nations in the world, according to Triple-A data.
Coinbase obtained a license from the Financial Intelligence Unit of India in March. After a brief 2022 debut that was cut short by regulatory obstacles, this step indicates its intention to reenter the market.
As of this writing, CoinDCX is ranked 397th out of all controlled exchanges on CoinMarketCap. While holding $160 million in total assets, the Indian cryptocurrency exchange posted a $14 million 24-hour spot trading volume (119 BTC).
CoinDCX CEO Shuts Down Coinbase Acquisition Rumors with Bold Statement
CEO Sumit Gupta emphasized that CoinDCX is not looking for a sale opportunity amid rumors that Coinbase was purchasing the company. He underlined that expanding the Indian cryptocurrency ecosystem is CoinDCX’s top priority.
Ignore the rumours! CoinDCX is “super focused” on building for India’s crypto story and not up for sale!
Gupta
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