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India’s foremost crypto exchange, CoinDCX, is amidst acquisition speculation from prominent crypto exchange Coinbase, yet CEO Sumit Gupta has made one matter abundantly clear: the enterprise is not for sale.
His public declaration on social platform X arrives following conjectures that U.S.-based Coinbase is aiming to purchase the Indian company for $900 million, a steep reduction from CoinDCX’s peak valuation of $2.2 billion in 2021.
Sumit Gupta Responds to the Speculation
In the aftermath of a damaging $44 million breach, reports emerged indicating Coinbase was in “advanced negotiations” to acquire CoinDCX at a considerable markdown. However, Gupta promptly dismissed the narrative.
“Disregard the speculations! CoinDCX is intensely focused on developing India’s crypto narrative and is not up for acquisition,” Gupta remarked.
This firm rebuttal followed increasing media attention based on undisclosed sources alleging that Coinbase viewed the hack as an avenue into India’s expanding crypto sector.
COIN's value trends upward on the daily chart. Source: COINUSD on Tradingview
Coinbase Remains Mum, Yet India Stays in Spotlight
While CoinDCX has explicitly denied the transaction, Coinbase has neither validated nor rejected the speculation. Adhering to its standard protocol, a representative stated the company refrains from commenting on market conjectures.
Nonetheless, Coinbase continues to exhibit strategic interest in India. It is registered with the Financial Intelligence Unit (FIU) and holds interests in both CoinDCX and its rival CoinSwitch.
Although Coinbase had previously halted its expansion in India due to regulatory ambiguities, recent actions indicate a renewed interest in the area.
Security Breach and Its Market Consequences
The $44 million breach, attributed to unauthorized access to CoinDCX’s internal wallet, raised concerns regarding the company’s resilience. CoinDCX acted promptly, assuring that no customer assets were compromised and initiating an $11 million bounty program to identify the hackers.
Despite the setback, CoinDCX’s leadership remains optimistic. With over 13 million users and a robust national presence, the exchange seems determined to uphold its autonomy, irrespective of market pressures or acquisition speculation.
Cover image from ChatGPT, chart from Tradingview
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