CoinDCX, India’s largest crypto alternate, dismissed an area media report that U.S. rival Coinbase (COIN) was trying to purchase it.
“Ignore the rumours,” CEO Sumit Gupta mentioned Tuesday in a submit on X.
Earlier within the day Mint reported that Coinbase was in superior talks to accumulate the Mumbai-based firm, citing two folks with information of the matter. The potential acquisition may worth CoinDCX at lower than $1 billion, a steep drop from its $2.2 billion valuation in 2021, it mentioned.
Mint’s sources added that Coinbase already has fairness in each CoinDCX and rival CoinSwitch.
In his submit, Gupta emphasised the alternate’s India-focused technique.
“CoinDCX is ‘tremendous targeted’ on constructing for India’s crypto story and never up on the market! Will share extra later, however simply needed to make clear this upfront!” Gupta noted.
Coinbase declined to remark.
“We don’t touch upon rumors or hypothesis. We’ve got a daring mission to extend financial freedom on the planet, and are consistently exploring alternatives around the globe to construct, purchase, associate and make investments to speed up our roadmap,” it mentioned.
CoinDCX just lately suffered a $44 million security breach that focused an operational pockets. The exploit was rapidly contained, making certain the crypto property had been untouched and protected in chilly wallets.