- Coinbase has agreed to invest in CoinDCX, a leading Indian crypto exchange, with the deal subject to regulatory approvals and customary closing conditions.
- The investment implies a $2.45B post-money valuation for CoinDCX; Coinbase Ventures previously joined a $135M round in 2022 at a $2.15B valuation.
- As of July 2025, CoinDCX reported $141M in annualized revenue, ~$165B in annualized volume, ~$1.2B in assets under custody, and 20M+ users.
- The move aligns with Coinbase’s long-term strategy in India and the Middle East, noting CoinDCX’s compliance focus and resilience after a $44M breach it absorbed with reserves.
Coinbase said it has agreed to invest in CoinDCX, one of India’s largest cryptocurrency exchanges, in a transaction that still requires regulatory sign-off and other customary closing steps, according to statements from Coinbase’s business head Shan Aggarwal and CoinDCX cofounder and CEO Sumit Gupta.
Framed as a long‑horizon bet on India and the wider Middle East’s role in the onchain economy, the move builds on earlier support from Coinbase Ventures and fits with the U.S. exchange’s local expansion and partnerships.
What the deal entails
CoinDCX said the investment values the company at a $2.45 billion post‑money level. Coinbase emphasized that the agreement reflects confidence in compliant, scaled operators in key growth markets, while reiterating that closing remains contingent on approvals.
Back in April 2022, CoinDCX raised $135 million at a $2.15 billion post‑money valuation, a round that included Coinbase Ventures among other global backers. The latest commitment is separate and, as noted, will only complete once the requisite regulatory conditions are satisfied.
Gupta characterized the step as an extension of prior fundraising and Coinbase’s ongoing support since 2020, noting that fresh capital is intended to accelerate product rollouts, market entries, and security initiatives across India, the UAE, and beyond.
CoinDCX by the numbers (July 2025)
As of July 2025, CoinDCX reported operational scale that underscores its standing in the market, with metrics that point to sustained growth despite shifting conditions.
- Annualized revenue: ₹1,179 crore (about $141 million).
- Annualized trading volume: ₹13.7 lakh crore (roughly $165 billion).
- Assets under custody: above ₹10,000 crore (around $1.2 billion).
- User base: more than 20 million accounts.
While these figures will ebb and flow with market cycles, they indicate a platform operating at significant scale in one of the world’s most dynamic crypto markets.
Why India—and the wider region—matters
India’s policy environment is steadily shifting toward more formal oversight, with policymakers and the central bank exploring classification and taxation of digital assets and a clearer licensing path for compliant platforms.
CoinDCX has leaned into KYC/AML standards and user protection, positioning itself as a compliance‑first venue versus offshore alternatives—an approach that maps closely to Coinbase’s preference for regulated partners as it broadens its regional footprint.
Resilience and governance in focus
In July 2025, CoinDCX absorbed a roughly $44 million loss tied to an internal breach, covering the shortfall from reserves and maintaining customer asset integrity without disruption to users.
The rapid recovery, coupled with continued operating strength, helped reinforce investor confidence and likely factored into Coinbase’s calculus on risk management and governance.
Coinbase’s South Asia strategy
Beyond this transaction, Coinbase has been active across India’s crypto and Web3 ecosystem, committing over $250 million to local companies, from exchanges to startups building payments, infrastructure, and compliance tooling.
The partnership also lines up with CoinDCX’s regional push—including the acquisition of BitOasis and the growth of the Okto Web3 product suite—creating potential bridges between India and the Gulf that Coinbase views as strategically important for the next phase of adoption.
What happens next
Closing the investment remains subject to regulatory approvals and other standard conditions; neither company specified a timeline. Post‑close, focus areas are likely to include compliance alignment, liquidity, and security enhancements.
For users and institutional clients, the tie‑up could translate into faster product launches, stronger safeguards, and more predictable access as India’s market architecture matures and onboards more regulated participants.
Coinbase’s planned stake in CoinDCX combines a compliance‑driven Indian exchange with a global operator positioning for regulated growth across India and the Middle East, signaling a pragmatic bet on scaled, trustworthy infrastructure.
