Coinbase Ventures, the investment division of the US-based exchange Coinbase, has made an undisclosed investment in the Indian crypto platform CoinDCX. This development marks Coinbase’s intent to strengthen its presence in India and the Middle East.

As per an announcement from Coinbase on Wednesday, this investment was facilitated through Coinbase Ventures, with CoinDCX’s co-founder and CEO, Sumit Gupta, confirming on X that the transaction was executed at a post-money valuation of $2.45 billion.

CoinDCX reports having over 20 million users across India and the United Arab Emirates, following their acquisition of the local exchange BitOasis in late 2024.

At the time of the investment announcement, Coinbase highlighted that CoinDCX generated approximately $141 million in annual revenue and managed a transaction volume of about $165 billion across its offerings. The assets held by CoinDCX under custody were noted to be approximately $1.2 billion.

Image description Source: Sumit Gupta

Coinbase did not provide a comment in response to inquiries from Cointelegraph, and as of the publication time, CoinDCX had also not replied.

India and the Middle East are key markets

Coinbase expressed that “India and the Middle East are bound to be pivotal in the cryptocurrency domain’s future.” This region comprises about 1.4 billion residents, with India reportedly having 115 million crypto users. This investment follows an incident where hackers stole $44 million from CoinDCX earlier in July.

These statements come amid efforts by Indian authorities, where skepticism towards cryptocurrencies, as voiced by Commerce Minister Piyush Goyal, suggests that cryptocurrencies like Bitcoin (BTC) are seen as lacking intrinsic value. The dialogue is particularly relevant as India gears up to implement new digital currency projects supported by its central bank, the Reserve Bank of India.

In August, Paul Grewal, the chief legal officer at Coinbase, met with the IT minister of Karnataka. He publicly acknowledged the minister and expressed Coinbase’s readiness to bolster Karnataka’s technological leadership further.

Coinbase keeps investing

This recent investment from Coinbase is part of a series of financial engagements by the exchange. Earlier this week, Coinbase was involved in an $8.1 million funding round for Crown, a fintech set to launch a stablecoin in Brazil. Coinbase Ventures also participated in a recent $20 million seed round for Stablecore, and had a hand in a $14.6 million funding round for Bastion—a company focused on issuing white-label stablecoins backed by prominent firms such as Sony, Samsung, and A16z.