Coinbase Backs India’s CoinDCX With $2.45B Valuation
Coinbase Ventures has made an undisclosed investment in Indian crypto platform CoinDCX, valuing CoinDCX at $2.45 billion post-investment. CoinDCX claims over 20 million customers in India and the UAE after acquiring BitOasis in late 2024. As of July, CoinDCX reported an annual revenue of $141 million, transaction volume of $165 billion, and $1.2 billion in assets under custody. The move comes amid ongoing skepticism from Indian authorities regarding cryptocurrencies, despite increasing adoption and planned central bank digital currency initiatives. Coinbase highlights India and the Middle East as critical growth markets, noting India’s estimated 115 million crypto users. The investment also follows a $44 million hack of CoinDCX in July. This deal is part of a broader pattern of Coinbase Ventures’ global activity, including investments in fintech and stablecoin infrastructure startups in Brazil, the US, and Asia during 2024 and 2025.
