India’s largest crypto exchange, CoinDCX, is at the center of acquisition rumors from major crypto exchange Coinbase, but CEO Sumit Gupta has made one thing crystal clear: the company is not for sale.
His public statement on social platform X comes in the wake of speculation that U.S.-based Coinbase is seeking to buy the Indian firm for $900 million, a sharp markdown from CoinDCX’s 2021 peak valuation of $2.2 billion.
Sumit Gupta Addresses the Rumors
Following a damaging $44 million hack, reports surfaced suggesting Coinbase was in “advanced talks” to acquire CoinDCX at a significant discount. However, Gupta wasted no time in shutting down the narrative.
“Ignore the rumors! CoinDCX is super focused on building for India’s crypto story and not up for sale,” Gupta wrote.
This firm rebuttal followed mounting media coverage based on anonymous sources claiming that Coinbase saw the hack as an entry point into India’s growing crypto market.
Coinbase Keeps Silent, But India Remains in Focus
While CoinDCX has categorically denied the deal, Coinbase has neither confirmed nor denied the speculation. In line with its usual policy, a spokesperson said the company does not comment on market rumors.
Nonetheless, Coinbase continues to demonstrate strategic interest in India. It is registered with the Financial Intelligence Unit (FIU) and holds stakes in both CoinDCX and competitor CoinSwitch.
Though Coinbase previously paused its India expansion due to regulatory uncertainty, recent actions suggest a renewed focus on the region.
Security Breach and Market Impact
The $44 million breach, caused by unauthorized access to CoinDCX’s internal wallet, prompted concerns about the company’s resilience. CoinDCX responded swiftly, confirming that no customer funds were affected and launching an $11 million bounty program to trace the hackers.
Despite the setback, CoinDCX’s leadership remains confident. With over 13 million users and a strong domestic presence, the exchange appears determined to maintain its independence, regardless of market pressures or acquisition buzz.
Cover image from ChatGPT, chart from Tradingview