Coindcx dismisses the report of Coinbase’s acquisition conversations



Coindcx, the largest cryptographic exchange in India, dismissed a report from the local media that the rival of the United States Coinbase (Coin) was looking to acquire it.

“Ignore rumors,” said the CEO Summit Gupta on Tuesday in an X publication.

Early in the day, Mint reported that Coinbase was in advanced conversations to acquire the company based in Mumbai, citing two people with knowledge of the matter. The potential acquisition could assess COINDCX in less than $ 1 billion, a strong drop in its valuation of $ 2.2 billion in 2021, he said.

Mint’s sources added that Coinbase already has equity in both Coindcx and in coins rival.

In its publication, Gupta emphasized the strategy centered on India of exchange.

“Coindcx is ‘super focused’ on the construction of India’s cryptography history and is not for sale! Gupta noticed.

Coinbase declined to comment.

“We do not comment on rumors or speculation. We have a bold mission to increase economic freedom in the world, and constantly explore opportunities throughout the world to build, buy, associate and invest to accelerate our road map,” he said.

Coindcx recently suffered a $ 44 million security violation that went to an operational wallet. The exploit was contained rapidly, ensuring that cryptography assets were intact and safe in cold wallets.

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