"CoinDCX confirmed to TechCrunch that the latest funding is an investment of new capital by Coinbase. The U.S. exchange has been an investor in CoinDCX since 2020 and last backed the Indian exchange in its Series D round in 2022 through its venture capital arm, Coinbase Ventures. Notably, the funding comes just months after CoinDCX suffered a security breach in July that led to the theft of around $44 million worth of assets."
""This investment adds to our growing presence in the region, where we also maintain local operations and other important local partners," said Coinbase's chief business officer, Shan Aggarwal, in a blog post. "Taken together, these steps reflect a clear commitment: we believe India and its neighbors will help shape the future of the global onchain economy." More than a year after ceasing operations in India, Coinbase re-entered the market earlier this year by registering with the country's Financial Intelligence Unit."
Coinbase increased its investment in CoinDCX, valuing the Indian exchange at $2.45 billion post-money, up from $2.15 billion in April 2022. The investment is an extension of a prior funding round and remains subject to regulatory approvals and customary closing conditions, with the amount and stake undisclosed. Coinbase has been an investor in CoinDCX since 2020 through Coinbase Ventures and also invests in CoinSwitch. The funding follows a July security breach at CoinDCX that resulted in roughly $44 million stolen. Coinbase re-entered India this year by registering with the Financial Intelligence Unit.
Read at TechCrunch
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