Coinbase announced Wednesday that it is making an investment in CoinDCX crypto exchange to expand its presence in India and the Middle East.
"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," Shan Aggarwal, Coinbase’s chief business officer, said in a release.
Coinbase previously invested in CoinDCX via Coinbase Ventures, participating in multiple funding rounds since 2020.
The financial terms of the investment were not disclosed, while CoinDCX Co-founder and CEO Sumit Gupta said that the transaction values the exchange at $2.45 billion post-money. The deal remains subject to regulatory approval for closure.
Coinbase declined to comment beyond the official announcement. The Block has not heard back from CoinDCX on its request for further comment.
Founded in 2018, CoinDCX has over 20.4 million users and $165 billion annualized transaction volumes across its products as of July, according to the release. It also has over $1.2 billion worth of assets under custody and an annualized revenue of $141 million.
In July, CoinDCX suffered a $44 million exploit where hackers disguised as recruiters lured one of its software engineers to install malware on his company laptop. This came a year after WazirX, another prominent Indian exchange, was exploited for $230 million.