The Indian cryptocurrency exchange CoinDCX has dismissed speculation regarding a potential sale to the American platform Coinbase, emphasizing its focus on security and the continued development of the digital asset market in India.
This is reported by Finway
CoinDCX Denies Sale Negotiations Following Hacker Attack
CoinDCX CEO Sumit Gupta stated that the company is not engaged in any negotiations with Coinbase regarding the sale of assets. These remarks came in response to media reports of “advanced negotiations” between the two companies concerning a deal worth nearly $1 billion. According to Gupta, CoinDCX is currently focused on strengthening security after a recent hacking incident in which attackers withdrew over $44 million from the exchange by accessing an internal account.
“Don’t pay attention to the rumors! CoinDCX is ‘fully focused’ on developing India’s crypto narrative and is not for sale.”
For its part, Coinbase refrained from commenting on the rumors of a potential deal. The company added that its strategy involves continuously seeking new investment and partnership opportunities to strengthen its position in the global market.
Coinbase Strengthens Its Position in India Amid Business Expansion
Rumors of a sale of CoinDCX emerged less than two weeks after a major hacking attack on the exchange. According to Gupta, CoinDCX’s security system prevented hackers from accessing customer funds, as they were isolated. To recover the stolen assets, CoinDCX announced a reward program for white hat hackers: up to 25% of the recovered amount will be awarded to those who help trace and restore the stolen cryptocurrency.
Despite the official denial of sale rumors, it is worth noting that Coinbase registered with India’s Financial Intelligence Unit back in March, which may indicate its long-term plans for expansion in the country’s market.
Coinbase is actively investing in the cryptocurrency ecosystem, having recently completed the acquisition of Deribit for $2.9 billion in May and the startup Liquifi in July, which specializes in token management for blockchain developers.