Coinbase funding not a step towards merger, says CoinCX CEO

Copyright © HT Digital Streams Limit all rights reserved. Coinbase funding not a step towards merger, funds are for growth in the Middle East: CoindCX CEO Shouvik Das 4 min Read 15 Oct 2025, 06:21 pm ist Sumit Gupta, co-founder and CEO of CoindCX. Summary coindcx plans to use the fresh financing-the first in more than three years to expand its presence in the Middle East and beyond the cryptocurrency exchange industry, Sumit Gupta, co-founder and CEO, told Mint. CoindCX CEO has denied rumors that it plans to merge with Coinbase after the US Crypto company announced that it has invested an unknown amount in the Indian cryptocurrency platform. On the contrary, CoindCX plans to use the fresh financing-the first in more than three years to expand its presence in the Middle East and beyond the cryptocurrency exchange business, Sumit Gupta, co-founder and CEO, told Mint. CoindCX also did not disclose the amount he received from Coinbase, saying that it was only valued at $ 2.45 billion after the fundraiser. “The fresh fundraiser is not a step towards a merger of services,” Gupta said. “Coinbase has a deep expertise in global markets, while CoindCX remains one of India’s largest cryptocurrency exchanges. With this round, our goal is to expand our services to world markets, including the Middle East, where the cryptocurrency adoption market is large and grows rapidly.” “We are currently going through a compulsory regulatory approval, as Coinbase is a publicly listed entity in the US. Once the SEC (US Securities and Exchange Commission) clears it up, we will disclose more details of our latest round,” Gupta added. UPS and Downs CoindCX, which works under the holding company Neblio Technologies Private Limited, started operations in April 2018 and raised $ 135 million from investors in April 2022, including Coinbase, with a $ 2.15 billion valuation. The company has so far raised a total of $ 244 million and did not count Wednesday’s fundraiser. In July 2024, CoindCX obtained Dubai Crypto Exchange Bitasis for an unknown amount. The company launched a web3 wallet in August 2022, months after India imposed an income tax of 30% on Crypto earnings and a 1% tax from the source (TDS) was deducted on all crypto ambiguities above a certain size. Overnight, crypto exchanges such as CoinCX lost large pieces of customers and daily trading volumes have dropped more than 95% of their 2021 peaks. CoindCX claims they have 20 million registered users on October 15. It ended last year with £ 560 crore in turnover and £ 1.7 crore in profit. The company expects more than double revenue to be up to 1.180 crore in the current financial year, a spokeswoman said. “We now want to increase the income contribution of our non-crypto exchange operations, such as our decentralized financing funding (Defi) Crypto wallet offer, and also bring more innovations on blockchain to accept businesses. While Gupta did not disclose an exposition, he said CoindCX’s India Exchange operations ‘carry the majority of our income with new businesses that are now making two-digit contributions’. “India remains one of the largest crypto trading markets by number of users, and although we are expanding in the midst, we will continue to focus on our crypto exchange operations here. The current financing gives us space to navigate the regulatory uncertainty. We also see that more people realize that the value of cryptocurrency invests and participates in the crypto. and a strong interest and a strong interest and strong interest and strong interest, and it is a strong interest, and it is to a strong interest. Bannerji, partner at the law firm, Cyril Amarchand and Mangaldas, said: ‘From a regulatory point of view, there are positive movements worldwide that increase investor confidence. The potential for similar movements in India will watch and the retailers will be, especially if the potential for the potential for similar movements in India will be and the retailers will see it goes through a bull run. already raised more than $ 3 billion to cumulative investments. Even last year, public data suggested that Indian-led businesses that cater for global markets, net investments of more than $ 500 million in the last calendar year-have the global trust in the first year. Innovative Blockchain businesses to raise significant global financing, “he said. Catch all the corporate news and updates on live currency. Download the Mint News app to get daily market updates and live business news.