Coinbase Backs India’s CoinDCX at $2.45B Valuation as Exchange Expands Across India and the Middle East

Strategic Investment Strengthens CoinDCX’s Position Following $165B Annualized Volume and UAE Expansion

TL;DR:

• Coinbase Ventures invests in CoinDCX at a $2.45 billion post-money valuation, marking renewed interest in India and MENA markets.
• CoinDCX reports $141 million in annualized revenue, $165 billion in transaction volume, and $1.2 billion in assets under custody.
• The move follows CoinDCX’s acquisition of BitOasis and Coinbase’s registration with India’s Financial Intelligence Unit.

Coinbase Ventures has made a fresh investment in Indian cryptocurrency exchange CoinDCX at a post-money valuation of $2.45 billion, reaffirming the U.S. firm’s long-term commitment to the Indian and Middle Eastern markets. CoinDCX co-founder and CEO Sumit Gupta confirmed the valuation in an X post, describing the investment as an extension of a previous fundraising round that valued the company at $2.15 billion in 2022. The exact size of Coinbase’s latest investment has not been disclosed, but both companies described the deal as strategically focused on accelerating growth across India and the broader Web3 economy.

CoinDCX, which now serves more than 20 million customers across India and the United Arab Emirates, has rapidly expanded its footprint following its 2024 acquisition of UAE-based crypto exchange BitOasis. The firm reported an annualized group revenue of roughly $141 million as of July 2025, with transaction volumes totaling around $165 billion and assets under custody of approximately $1.2 billion. These figures position CoinDCX among the most active digital asset exchanges in Asia, despite India’s ambiguous regulatory climate and its 30 percent tax on crypto gains combined with a 1 percent tax deducted at source on trades above 10,000 INR.

Coinbase’s Chief Business Officer Shan Aggarwal said the exchange sees India and its neighboring regions as critical to shaping the future of the global on-chain economy. The company’s renewed engagement in India follows its registration earlier this year with the Financial Intelligence Unit (FIU), a step that allows Coinbase to operate more directly within the country’s compliance framework. The deal, still subject to customary closing conditions and regulatory approval, gives Coinbase a stronger foothold in a region with both massive retail potential and increasing institutional participation.

Gupta described the latest funding as a milestone reinforcing CoinDCX’s leadership across its home market and growing presence in global Web3 circles. The company aims to channel new capital into scaling operations, building secure infrastructure, and launching additional Web3-based products tailored for local and regional markets. Analysts noted that the valuation uptick from $2.15 billion to $2.45 billion suggests a measured yet confident growth trajectory, with revenue multiples hovering around 17 to 18 times annualized revenue — aggressive but consistent with top-tier fintech benchmarks.

Despite the optimism, CoinDCX has faced headwinds. A July 2025 hack affecting internal wallet servers reportedly caused a $44 million loss, though the exchange stated that customer assets were untouched. Regulatory uncertainty in India continues to cloud the sector, with government officials publicly criticizing “unbacked” cryptocurrencies while pushing forward digital currency initiatives. Even so, Coinbase’s backing is widely viewed as a vote of confidence in CoinDCX’s compliance-driven model and regional expansion strategy. The partnership also strengthens Coinbase’s reentry into one of the world’s fastest-growing crypto markets, providing both firms leverage to navigate a complex but potentially transformative landscape for digital assets across South Asia and the Middle East.

This article has been refined and enhanced by ChatGPT.