Sumit Gupta, CEO of Indian Cryptocurrency Trade Coindcx, publicly rejected the declare that the platform was in talks that it could be acquired by US-based Trade Coinbase.
The rejection follows hypothesis that Coinbase is about to purchase CoinCX at a reduction.
Sumit Gupta: “Coindcx shouldn’t be on sale”
In a press release posted on social media platform X, Gupta responded on to the report, saying that CoindCX shouldn’t be on sale and continues to decide to its mission in India.
Associated: CoindCX CEO pledges a “stronger” comeback and launches a 25% prize
He stated, “Ignore the rumors! Coindcx could be very centered on constructing buildings for Indian crypto tales.
I wakened and noticed this information! 😅
Ignore the rumors! CoindCX is “very centered” on buildings for Indian Crypto Tales and never on the market!
I'll share extra later, however I simply wished to make clear this advance cost! https://t.co/4cqaf94gjt
– Sumit Gupta (coindcx) (@smtgpt) July 29, 2025
The clarification comes after studies claiming that Coinbase is investigating an roughly $900 million acquisition settlement. That is considerably under the CoindCX's $2.2 billion peak valuation set three years in the past. Two people conversant in the difficulty stated that Coinbase views potential acquisitions as a key entry level for India's rising crypto market.
Associated: COINDCX CEO Counter Hack's Concern of $44.2 million reveals annual income of $136 million
CoindCX's current safety breach has added complexity to its present market place because it misplaced $44 million from its inside pockets. Regardless of the incident, the Firm doesn’t point out any intention to alter possession or operational course.
Coinbase is silent about India's technique
Coinbase has refused to assessment or reject the report, whereas Coinbase has refused to assessment or reject the report. A US Trade spokesman answered the query by confirming that the corporate had not commented on market hypothesis.
Nonetheless, Coinbase's actions in India reveal continued strategic curiosity within the area. The corporate is registered with the Indian Monetary Data Unit (FIU) and already owns shares in each CoindCX and one other native trade, Coinswitch.
In a earlier assertion, a Coinbase spokesperson stated the corporate is present process world development, buy or partnering as a part of its enterprise roadmap.
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