Fresh capital to boost global push, not merger: CoinDCX

CEO Sumit Gupta of the Indian crypto exchange rejected rumours of merger with Coinbase

- Shouvik Das

Investment from Coinbase—the first in over three years—will fund expansion into the Middle East and ventures beyond crypto exchange, says Sumit Gupta.

(MINT)

The chief executive officer of CoinDCX Sumit Gupta has denied rumours that it plans to merge with Coinbase after the US firm announced it had invested an undisclosed amount in the Indian cryptocurrency platform.

Rather, CoinDCX plans to use the fresh funding—first in more than three years—to expand its presence in Middle East and venture beyond the cryptocurrency exchange business, Gupta, also a co-founder told Mint. CoinDCX did not disclose the amount it received from Coinbase, saying it was valued at $2.45 billion after the fundraising.

“The fundraise is not a step toward a merger of services,” Gupta said. “Coinbase has deep expertise in global markets, while CoinDCX is one of India’s largest cryptocurrency exchanges. With this round, our goal is to expand our services to global markets including the Middle East, where the market for cryptocurrency adoption is large and growing fast.”

“We're going through obligatory regulatory clearance, since Coinbase is a publicly listed entity in the US. Once the SEC (US Securities and Exchange Commission) clears it, we'll look to divulge more details of our latest round,” Gupta added.