CoinDCX Dismisses Report of Coinbase Acquisition Talks

CoinDCX, India’s largest crypto exchange, dismissed a local media report that U.S. rival Coinbase (COIN) was looking to acquire it.

“Ignore the rumours,” CEO Sumit Gupta said Tuesday in a post on X.

Earlier in the day Mint reported that Coinbase was in advanced talks to acquire the Mumbai-based company, citing two people with knowledge of the matter. The potential acquisition could value CoinDCX at less than $1 billion, a steep drop from its $2.2 billion valuation in 2021, it said.

Mint’s sources added that Coinbase already has equity in both CoinDCX and rival CoinSwitch.

In his post, Gupta emphasized the exchange’s India-focused strategy.

“CoinDCX is ‘super focused’ on building for India’s crypto story and not up for sale! Will share more later, but just wanted to clarify this upfront!” Gupta noted.

Coinbase declined to comment.

“We don’t comment on rumors or speculation. We have a bold mission to increase economic freedom in the world, and are constantly exploring opportunities around the world to build, buy, partner and invest to accelerate our roadmap,” it said.

CoinDCX recently suffered a $44 million security breach that targeted an operational wallet. The exploit was quickly contained, ensuring the crypto assets were untouched and safe in cold wallets.