Sumit Gupta, the CEO of Indian cryptocurrency change CoinDCX, has publicly rejected claims that the platform is in talks to be acquired by the U.S.-based change Coinbase.
The denial follows rising hypothesis that Coinbase was looking for to buy CoinDCX at a reduction, rumors that emerged after a latest $44 million hack impacted CoinDCX’s operations.
Sumit Gupta: “CoinDCX is just not on the market”
In an announcement posted on the social media platform X, Gupta immediately addressed the studies, stating that CoinDCX is just not on the market and stays dedicated to its mission in India.
Associated: CoinDCX CEO Vows a “Stronger” Comeback and Launches a 25% Bounty
He wrote, “Ignore the rumours! CoinDCX is tremendous centered on constructing for India’s crypto story and never up on the market!”
Simply acquired up and noticed this information! 😅
Ignore the rumours! CoinDCX is “tremendous centered” on constructing for India’s crypto story and never up on the market!
Will share extra later however simply wished to make clear this upfront! https://t.co/4CqAf94GjT
— Sumit Gupta (CoinDCX) (@smtgpt) July 29, 2025
The clarification comes after studies claimed Coinbase was exploring an acquisition deal valued at roughly $900 million. This may be markedly beneath CoinDCX’s peak valuation of $2.2 billion, which was set three years in the past. Two people conversant in the matter acknowledged that Coinbase seen the potential acquisition as a key entry level into India’s increasing crypto market.
Associated: CoinDCX CEO Counters $44.2M Hack Fears Revealing $136 Million in Annual Income
CoinDCX’s latest safety breach, during which it misplaced $44 million from an inner pockets, has added complexity to its present market place. Regardless of the incident, the corporate has not signaled any intention to vary its possession or operational course.
Coinbase stays silent on its India technique
Whereas CoinDCX has immediately denied the acquisition claims, Coinbase has declined to verify or deny the studies. A spokesperson for the U.S. change responded to questions by affirming that the corporate doesn’t touch upon market hypothesis.
Nevertheless, Coinbase’s actions in India present an ongoing strategic curiosity within the area. The corporate is registered with India’s Monetary Intelligence Unit (FIU) and already holds fairness stakes in each CoinDCX and one other native change, CoinSwitch.
In a previous assertion, a Coinbase spokesperson stated the corporate stays open to constructing, shopping for, or partnering globally as a part of its enterprise roadmap.
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