Coinbase Invests In CoinDCX, Eyes an India Return After Setback
US crypto exchange Coinbase has invested in Indian crypto unicorn CoinDCX in a bid to return to the country after regulatory hurdles.
American cryptocurrency exchange Coinbase announced an investment in Indian cryptocurrency giant CoinDCX through a press release on October 15.
CoinDCX is also a cryptocurrency exchange and is India’s first unicorn startup in the blockchain space.
“India and the Middle East are set to play a big role in the future of crypto – and CoinDCX is a high-growth, financially sound business built for scale at the center of the region’s massive growth opportunity,”
said Shan Aggarwal, Coinbase’s chief business officer, in the press release.
The investment is intended to strengthen Coinbase’s presence in India and the Middle East.
CoinDCX CEO Sumit Gupta posted that the deal would place his company’s valuation at $2.45 billion.
Author's summary: Coinbase invests in CoinDCX to return to India.