Coinbase–CoinDCX Deal: Rumor or Reality?

[umair]

Hey everyone,

There’s been intense speculation about a possible acquisition of India’s largest crypto exchange, CoinDCX, by U.S. exchange Coinbase for under $1 billion. The rumor followed shortly after CoinDCX suffered a $44 million hack, which the company attributed to an exploited internal wallet used for liquidity. While customer funds were unaffected, the incident clearly shook confidence and fueled speculation of corporate consolidation.

Coinbase, which already holds equity in CoinDCX and rival CoinSwitch, is seen as deeply interested in the Indian market. The company registered with India’s Financial Intelligence Unit in March and is preparing to launch retail crypto trading operations domestically. For Coinbase, acquiring CoinDCX at a reportedly discounted valuation—far below its 2021 peak of $2.2 billion—could be a strategic bet on India’s long-term crypto potential.

However, CoinDCX CEO Sumit Gupta publicly denied that any acquisition talks are underway. He emphasized the company’s focus on building India’s crypto infrastructure and made it clear they’re not up for sale. Coinbase has remained silent on specifics but reiterated its mission to explore global expansion through partnerships, acquisitions, or new products.

To complicate matters, Coinbase has completed other major acquisitions this year—like Deribit for $2.9 billion and LiquiFi—suggesting it’s actively seeking growth via M&A. But unless CoinDCX confirms otherwise, the deal remains speculative.

So here’s what I’m wondering:

Does this talk signal genuine strategic ambition from Coinbase to dominate India’s crypto market?

Or is CoinDCX simply refocusing post-hack and rejecting consolidation to protect its independence?

And for Indian crypto users, would seeing Coinbase take over change your trust or platform choice?

Would love to hear from community members, especially anyone familiar with Indian crypto dynamics. Is this likely a brokered exit strategy—or just rumor and noise amid volatility?