Coinbase's $2.45B Move Positions India, Middle East as Onchain Economy Hubs

Coinbase Global Inc. has agreed to invest in CoinDCX, one of India's largest cryptocurrency exchanges, valuing the company at $2.45 billion post-money, according to statements from both firms. The deal, subject to regulatory approvals and customary closing conditions, marks a significant expansion of Coinbase's presence in India and the Middle East, regions the U.S. crypto giant views as pivotal to the future of the onchain economy[1].

The investment builds on prior support from Coinbase Ventures, which participated in CoinDCX's $135 million fundraising round in April 2022 at a $2.15 billion valuation[1]. CoinDCX, which reported annualized group revenue of $141 million and assets under custody exceeding $1.2 billion as of July 2025[2], has grown to serve over 20.4 million users across India and the UAE. The exchange also expanded into the Middle East and North Africa (MENA) region in 2024 via the acquisition of BitOasis[3].

Shan Aggarwal, Coinbase's chief business officer, emphasized the strategic importance of India and the Middle East, citing their large populations, rising tech adoption, and growing crypto user bases. "Taken together, these steps reflect a clear commitment: we believe India and its neighbors will help shape the future of the global onchain economy," he stated[2]. CoinDCX CEO Sumit Gupta described the investment as a "vote of confidence" in the company's mission to build a compliant, trusted platform across India, the UAE, and beyond[1].

The deal comes amid regulatory uncertainties in India, where crypto platforms face a 30% tax on gains and a 1% transaction levy. Despite these challenges, CoinDCX has positioned itself as a leader in compliance, with Gupta highlighting the partnership's focus on "regulatory-first approaches" and educational initiatives to foster responsible crypto adoption[5]. The investment also follows a $44 million security breach in July 2025, during which hackers exploited a social engineering attack to steal funds[6]. CoinDCX has since bolstered its security measures and launched a recovery bounty program[4].

Coinbase's move aligns with broader industry trends as global exchanges seek to capitalize on Asia's emerging crypto markets. India's tech-savvy population and expanding digital infrastructure have made it one of the fastest-growing regions for blockchain adoption[4]. The partnership could also strengthen Coinbase's foothold in the MENA region, where CoinDCX's acquisition of BitOasis has established a significant presence[3].

Financial terms of the investment were not disclosed, though the valuation represents a 14% increase from CoinDCX's previous funding round[1]. The companies noted that the transaction remains contingent on regulatory approvals, a common requirement in India's evolving crypto landscape[2].