- Rumors of Coinbase negotiating for an acquisition of CoinDCX appeared.
- CoinDCX CEO denies rumors of Coinbase or an acquisition.
- The CEO, Sumit Gupta, states that CoinDCX is not up for sale.
The crypto market was buzzing over a possibility of Coinbase negotiating for the acquisition of CoinDCX. On this matter, CoinDXC CEO denies the rumors and immediately shut down any conversation on the topic by saying that CoinDCX is not for sale. It would have been a trial for Coinbase to have entered the Indian cryptocurrency market on its own due to India’s differing crypto policies, a CoinDCX acquisition would have made it a lot easier.
CoinDCX CEO Denied Rumors of Coinbase Acquisition
Earlier today, rumors went around the crypto community stating that Coinbase was negotiating for an acquisition of CoinDCX. Almost immediately, the CEO of CoinDCX, Sumit Gupta shut down these rumors by denying any truth to them. In fact, Gupta stated resolutely, “CoinDCX is not up for sale!”. CoinDCX is one of the few trusted crypto exchanges in India, that has been operating for a long time.
India’s crypto regulations have gone through quite some changes. At first, several promising crypto exchanges were functioning in India. However, due to India changing its crypto policies, some crypto exchanges could not keep up and had to either pull out of the country for good, or took a break to rework their strategy and make an appearance again after having made specific changes to fit the country’s policies.
Binance was one such crypto exchange. The exchange was operating in India, but due to many reasons went dark for a short time, before making its reentry into the Indian crypto market once again. Even with its formidable reputation, most Indian users do not use Binance, but rather flock towards local Indian exchanges, such as WazirX, CoinDCX, and Bitbns, as they find it more suitable to their needs.
Thus, CoinDCX being negotiated for acquisition by Coinbase may have come off as a rumor to most Indians in the first place. However, to the rest of the world, it comes off as a strategic move for Coinbase. In the event that Coinbase did acquire CoinDCX, it could skip over remodeling its crypto exchange to match the needs of the country like Binance had to do, and simply operate through CoinDCX, a platform that already understands the needs of the local users.
Indian Crypto Regulations Pose Additional Attention
Unlike many countries that have yet to tax cryptocurrencies, India has already placed a 30% tax on crypto. For a long time, crypto wasn’t allowed to be held or traded in India, and when it finally did, it slapped a huge tax on these digital assets, much to the disappointment of its people. Still, crypto projects have successfully launched within the country, and clever strategies are in place for them to thrive despite the tax placed.
CoinDCX is one of the most reputed and trusted crypto exchanges and platforms in the country. Founded in 2018 by Neeraj Khandelwal and Sumit Gupta, the platform has thrived since then and is now home to over 16,000,000 users. The sudden rumors around the platform and its connection with Coinbase are another sign of the platform’s growing reputation on a global scale.
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