Indian crypto exchange CoinDCX is facing fresh speculation just a week after making headlines over a $44 million hack. Local media outlet LiveMint reported earlier today on July 29 that U.S. exchange Coinbase is in advanced talks to acquire CoinDCX.
The report suggests that CoinDCX could be valued at around $900 million, which is quite a drop from its peak valuation of $2.2 billion back in 2021. However, Sumit Gupta, the CEO of CoinDCX, was quick to brush off the acquisition rumors.
Gupta took to X to tackle the rumors head-on and denied the claim. He encouraged users to “ignore the speculation” and reassured everyone that CoinDCX is dedicated to building for India.
This swift response comes as the exchange works hard to regain trust after the recent $44 million hack. The company clarified after the breach that customer funds were unaffected and that the losses would be absorbed internally. This quick response helped CoinDCX maintain credibility during a period of intense scrutiny.
Regulatory Pressure Adds to Uncertainty
The rumors’ come during a time India experiences an unresolved regulatory environment. Clear rules governing cryptocurrency exchanges have yet to be developed by the Indian government.
The Finance Ministry recently admitted not collecting any data on cryptocurrency activity in the preceding five years. Following such pessimistic views, many businesses have outsourced operations from the country to where they can access favourable jurisdictions.
Despite the hurdles, CoinDCX stands out as one of the few exchanges still dedicated to India. Their firm rejection of the Coinbase acquisition rumors shows confidence in their long-term vision.
Also read: Hackers Steal $448K in Crypto From Cyprus Investor’s Wallet
