India’s largest crypto alternate, CoinDCX, is on the middle of acquisition rumors from main crypto alternate Coinbase, however CEO Sumit Gupta has made one factor crystal clear: the corporate just isn’t on the market.
His public assertion on social platform X comes within the wake of hypothesis that U.S.-based Coinbase is in search of to purchase the Indian agency for $900 million, a pointy markdown from CoinDCX’s 2021 peak valuation of $2.2 billion.
Sumit Gupta Addresses the Rumors
Following a harmful $44 million hack, studies surfaced suggesting Coinbase was in “superior talks” to amass CoinDCX at a big low cost. Nonetheless, Gupta wasted no time in shutting down the narrative.
“Ignore the rumors! CoinDCX is tremendous targeted on constructing for India’s crypto story and never up on the market,” Gupta wrote.
This agency rebuttal adopted mounting media protection primarily based on nameless sources claiming that Coinbase noticed the hack as an entry level into India’s rising crypto market.
COIN's value traits to the upside on the every day chart. Supply: COINUSD on Tradingview
Coinbase Retains Silent, However India Stays in Focus
Whereas CoinDCX has categorically denied the deal, Coinbase has neither confirmed nor denied the hypothesis. In keeping with its standard coverage, a spokesperson mentioned the corporate doesn’t touch upon market rumors.
Nonetheless, Coinbase continues to show strategic curiosity in India. It’s registered with the Monetary Intelligence Unit (FIU) and holds stakes in each CoinDCX and competitor CoinSwitch.
Although Coinbase beforehand paused its India enlargement as a consequence of regulatory uncertainty, current actions recommend a renewed concentrate on the area.
Safety Breach and Market Affect
The $44 million breach, attributable to unauthorized entry to CoinDCX’s inner pockets, prompted issues concerning the firm’s resilience. CoinDCX responded swiftly, confirming that no buyer funds had been affected and launching an $11 million bounty program to hint the hackers.
Regardless of the setback, CoinDCX’s management stays assured. With over 13 million customers and a robust home presence, the alternate seems decided to take care of its independence, no matter market pressures or acquisition buzz.
Cowl picture from ChatGPT, chart from Tradingview
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