Coinbase is turning its focus towards India and the Middle East following a strategic investment in CoinDCX, a Mumbai-based cryptocurrency exchange, which has been valued at $2.45 billion post-investment.
While the exact amount of the investment remains undisclosed, Coinbase has a history of participating in various funding rounds for CoinDCX. Shan Aggarwal, Coinbase’s Chief Business Officer, emphasized the significance of these regions, stating, “With a population exceeding 1.4 billion, increasing technological adoption, and over 100 million cryptocurrency owners, India and the Middle East are poised to be integral to the future of cryptocurrency.”
CoinDCX has captured a considerable share of the market, boasting over 20 million users and annual transaction volumes reaching $165 billion as of July. In a statement, CoinDCX expressed that this new funding will allow them to accelerate their vision and pursue more ambitious initiatives—enhancing their operations in India and the UAE, entering new markets, and launching innovative products in the broader Web3 landscape.