Coindcx, India’s largest crypto exchange, rejected a local media report that the American rival coinbase (coin) was looking to acquire it.
“Ignore the rumors,” CEO Sumit Gupta said Tuesday in a post on X.
Earlier in the day, Mint reported that Coinbase was in advanced conversations to acquire the Mumbai-based company with reference to two people with knowledge of the case. The potential acquisition could appreciate Coindcx to less than $ 1 billion, a steep decline in its valuation of $ 2.2 billion in 2021, it said.
Mint’s sources added that Coinbase already has equity in both Coindcx and Rival Coinswitch.
In his post, Gupta Exchange’s India-focused strategy emphasized.
“Coindcx is ‘super -focused’ on building for the crypto history of India and not for sale! Want to share more later, but would just clarify this in advance!” Noticed Gupta.
Coinbase refused to comment.
“We do not comment on rumors or speculation. We have a bold mission to increase economic freedom in the world and explore constant opportunities around the world to build, buy, partner and invest to speed our roadmap,” it said.
Coindcx recently suffered a $ 44 million security breach that targeted an operational wallet. The utilization was quickly contained, ensuring that the crypto assets were untouched and secure in cold wallets.
