India’s CoinDCX Crypto Exchange has got a major boost of $2.45B from Coinbase Ventures, the savvy investment wing of the U.S. crypto giant Coinbase.
This transaction signals a bright future for crypto adoption in emerging markets.
CoinDCX crypto exchange, founded by Sumit Gupta, isn’t just surviving in the competitive crypto landscape; it’s absolutely dominating. With over 20 million happy customers spanning India and the United Arab Emirates, the platform has become a go-to hub for traders and enthusiasts alike.
Your completely free resource hub designed to boost your knowledge of cryptocurrencies
The company also acquired BitOasis in late 2024, expanding their footprint into the Middle East like a crypto conquest.
CoinDCX crypto exchange’s positioning in the global landscape
In July, CoinDCX crypto exchange was raking in an impressive $141 million in annual revenue, with transaction volumes skyrocketing to $165 billion across their products. Plus, they’re safeguarding $1.2 billion in assets under custody.
Coinbase seems extremely convinced of CoinDCX’s potential. With a massive 1.4 billion people in the region and India boasting around 115 million crypto users as of late August, Coinbase believes that “India and the Middle East are set to play a big role in the future of crypto.”
This is despite hackers swiping $44 million from CoinDCX crypto exchange. However, the team bounced back stronger, proving their resilience and commitment to security.
In fact, this cash infusion feels more like a vote of confidence, turning potential challenges into opportunities for growth.
Are Indian Regulators onboard though?
Even as Indian officials like Commerce Minister Piyush Goyal express some skepticism toward cryptocurrencies, doubting assets like Bitcoin without a “back-end guaranteeing value”, CoinDCX crypto exchange is steering the conversation toward innovation.
To be honest, India hasn’t always been on board with crypto.
India’s government is warming up to blockchain tech and gearing up for central bank-backed digital currencies via the Reserve Bank of India.
In fact, Coinbase’s chief legal officer, Paul Grewal, recently chatted with Karnataka’s IT minister, exploring ways to amp up the state’s tech leadership.
Who knows? This could spark even more collaborations that make crypto more accessible and fun for everyone.
