Coinbase has now made a fresh investment in India’s CoinDCX, marking a renewed bet on South Asia’s digital asset ecosystem. The investment, officially announced on Wednesday, values CoinDCX at $2.45 billion post-money, according to a company statement. While the precise financial terms of Coinbase’s stake were not disclosed, the transaction deepens a partnership initiated in 2020 when Coinbase Ventures first backed the Indian platform. The deal is subject to regulatory approvals.
The latest round comes after CoinDCX raised $135Mn in its Series D round, valuing the company at $2.1Bn.
Coinbase officials framed the investment as a commitment to India and the broader Middle East and North Africa (MENA) region, which the exchange views as crucial frontiers for the global on-chain economy. Shan Aggarwal, Coinbase’s Chief Business Officer, stated that the investment allows the firm to “strengthen our relationship with CoinDCX as we expand responsibly in regions showing high adoption and innovation.”
“Coinbase has been an investor in CoinDCX since 2020. Its decision to infuse more capital is a strong validation of CoinDCX’s long-term vision and responsible growth strategy. Coinbase is globally recognized for building compliant-first crypto businesses. We see strong synergies with Coinbase in building a compliant and regulatory-friendly crypto ecosystem in India, MENA and beyond,” Sumit Gupta, c-founder of CoinDCX, commented on the matter. For CoinDCX, the backing from one of the world’s largest regulated exchanges strengthens its financial position, credibility, and capacity to expand across India and the Middle East.
This renewed engagement marks a course correction for the US exchange, which previously faltered in its attempt at direct market entry. Coinbase’s 2022 app launch in India was abruptly halted due to complications involving payment gateways and regulatory ambiguity. Since that setback, the company has secured limited operating authorization in 2025, paving the way for a partnership-driven approach. The current equity investment followed earlier, ultimately preliminary, discussions concerning a potential outright acquisition of CoinDCX, a consideration that arose after the Indian exchange weathered a $44 million security exploit in July. For Coinbase, which is currently facing escalating regulatory scrutiny and enforcement actions from the U.S. Securities and Exchange Commission (SEC), the investment represents a broader pivot toward less saturated, tech-savvy emerging markets, positioning its growth outside of intensifying domestic regulatory headwinds.
Founded in 2018 by Sumit Gupta and Neeraj Khandelwal, CoinDCX has established itself as India’s largest compliant crypto exchange, boasting over 20 million registered users and annualized transaction volumes surpassing $165 billion as of mid-2025. The Mumbai-based firm reported strong financials, including annualized group revenue of approximately $141 million and assets under custody valued at $1.2 billion. In fact, the exchange maintained investor confidence following the mid-year security incident by fully reimbursing affected users and implementing comprehensive upgrades to its security architecture.
In addition to this, Coinbase is also the first Indian platform to be registered with the Financial Intelligence Unit (FIU) and holds ISO 27001:2022 certification for information security management. This focus on governance has made it a preferred partner for institutional clients and global investors who prioritize transparency in the volatile digital asset space. The fresh capital injection will be allocated toward product innovation, expanding into new markets, and deepening user education initiatives. It will also facilitate the scaling of CoinDCX’s regional operations in the MENA region, following its 2024 acquisition of Dubai-based BitOasis, which provided a valuable regulatory foothold in one of the world’s most crypto-friendly jurisdictions.
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