Coinbase is reportedly in “superior discussions” to amass CoinDCX, the just lately hacked Indian crypto trade wherein it already holds a stake, in keeping 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, according to a report from Mint on Monday, which cited two unnamed sources conversant in the matter.
“Coinbase sees this as a long-term strategic wager,” one of many sources informed 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 informed Cointelegraph they “don’t touch upon rumors or hypothesis.”
“We have now a daring mission to extend financial freedom on the planet, and are continuously exploring alternatives world wide to construct, purchase, associate and make investments to speed up our roadmap.”
The reported valuation is a substantial departure from the $2.2 billion valuation CoinDCX received 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 each one customer funds remained unaffected.
Coinbase might contemplate upping its stakes in one other Indian crypto trade
Another choice reportedly being weighed up is to mix Coinbase’s stakes in CoinDCX and CoinSwitch, one other giant Indian crypto trade, one of many two sources informed Mint, including, nevertheless, that no formal talks had been underway.
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It comes as Coinbase registered with India’s Financial Intelligence Unit in March — presumably signaling its intention to develop its presence on the planet’s most populous nation.
Coinbase has been on an acquisition spree
In the meantime, in Might, 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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