According to a local news report, the coinbase is allegedly in “advanced discussion” for acquiring Coindcx on the recently hacked Indian Crypto Exchange.
If complete, the deal will deepen the relationship of the coinbase in the Indian market less than one billion dollars and in the Indian market, According For a Mint report on Monday, which cited two anonymous sources familiar with the case.
“The coinbase sees it as a long -term strategic bet,” one of the sources told Mint, adding:
“Buying coindcx in this concessional evaluation is essentially a low-cost gambling-if India’s crypto market eventually matures, nourishing itself for a potential reverse.”
A coinbase spokesman told cointelegraph that they “do not comment on rumors or speculation.”
“We have an adventure mission to increase economic freedom in the world, and are constantly searching for opportunities around the world to create construction, purchase, forming and invest to accelerate our roadmap.”
Reported evaluation is quite departure from $ 2.2 billion valuation coindcx get In April 2022.
Coindcx recovers from $ 44 million hack
On July 18, the incident appeared 11 days after CONDCX faced a $ 44.2 million hack, when the attackers broke an operational wallet and dried it within minutes.
Coindcx’s safety setup ensured that all customer funds remained unaffected.
The coinbase can consider lifting its bets on another Indian Crypto Exchange
Another option is allegedly being weighed, the coinbase bets are to be combined into coindcx and coinswitch, another large Indian Crypto Exchange, one of both sources told Mint, however, no formal negotiations were going on.
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It comes as a coinbase registered with India’s financial intelligence unit in March – possibly indicating its intentions to expand its presence in the world’s most populous country.
Coinbase has been in an acquisition race
Meanwhile, in May, the Coinbase completed a $ 2.9 billion in cash-and-stock acquisition of Deribit as a step for the position as a leader in the Crypto Derivatives Market.
Earlier this month, the coinbase acquired liquidifice, a token-management platform, which serves early on stage onchain builders.
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