Coinbase is a leading platform for the global onchain economy, helping millions of users in 100+ countries access, trade, and manage digital assets
Coinbase has agreed to invest in CoinDCX. This investment round is an extension of the last fundraise. Once completed, CoinDCX’s valuation will stand at $2.45 billion post-money.
The India Web3 Landscape Report 2024 by Hashed Emergent highlighted that Indian Web3 start-ups raised $564 million in 2024, recording a 109 per cent jump from the previous year, taking the total funding in the sector to over $3 billion since 2020. India also added 4.7 million new Web3 developers last year, making it the largest contributor to the global developer ecosystem.
According to Aditya Arora, the CEO of Faad Capital, in India, the most investable crypto business models include centralised exchanges (CEXs) like CoinDCX and decentralised finance (DeFi) platforms that offer lending, staking, and yield generation services. Additionally, platforms facilitating tokenised assets, such as the RBI’s pilot for certificates of deposit tokenisation, present promising opportunities. Crypto-based investment products, including automated trading platforms like Mudrex, and blockchain infrastructure services, are also gaining traction.
The funding interest in India’s crypto sector remains robust; despite regulatory uncertainties, the sector’s growth potential, driven by over 107 million crypto users and a projected $6.4 billion market revenue by year-end, continues to attract both domestic and international investors. However, the evolving regulatory landscape necessitates a cautious approach, with investors seeking start-ups that demonstrate strong compliance frameworks and adaptability to policy changes.
Sharper uptick
“Once there’s more regulatory clarity, we’ll see a sharper uptick in funding activity, as both domestic and global investors gain the confidence to back innovative Indian projects at scale,” Edul Patel, CEO of Mudrex, a leading Indian crypto platform, said.
When evaluating crypto or Web3 start-ups in India, regulatory risk is a critical factor. Patel added that one should also assess how adaptable a start-up is to potential regulatory changes and whether its business model can withstand policy shifts. For instance, during the RBI’s earlier crypto ban, many players were forced to shut down. Yet, some start-ups continued to innovate while maintaining strict compliance with the guidelines.
“In India, the crypto ecosystem has immense potential, and regulation is really the only missing piece for its full growth. Indians account for over 12 per cent of the global Web3 community, and the country is home to over 1,200 Web3 start-ups. Now, with the government showing interest in this ecosystem through initiatives like the CBDC and DigiYatra, there will soon be regulations that can boost the innovation and user interest in the Web3 ecosystem,” he noted.
Cautious approach
Arora echoed this, adding that the absence of clear regulatory frameworks in India has led to a cautious approach among investors and entrepreneurs in the crypto sector. While the country leads globally in crypto adoption metrics, including retail, centralised services, DeFi, and institutional activity, the lack of structured regulation may result in talent and capital outflows, as stakeholders seek more predictable environments.
CoinDCX has over 20 million Indian investors. The exchange offers a suite of products tailored for retail participants to high-net-worth individuals (HNIs) and family offices.
The company expanded into the Middle East and North Africa (MENA) region through the acquisition of BitOasis in 2024. The fresh capital will be used to fuel product innovation, drive user growth, expand into new geographies, and deepen educational initiatives.
“Coinbase has been an investor in CoinDCX since 2020. Its decision to infuse more capital is a strong validation of CoinDCX’s long-term vision and responsible growth strategy. Coinbase is globally recognised for building compliant-first crypto businesses. We see strong synergies with Coinbase in building a compliant and regulatory friendly crypto ecosystem in India, MENA, and beyond,” said Sumit Gupta, Co-founder, CoinDCX.
CoinDCX is backed by the world’s leading investors, including Polychain, Bain Capital, Jump Capital, Pantera, Steadview, Kingsway, Draper Dragon, R Capital, Kindred, Block.One, and Cadenza, amongst others. The company currently offers over 500 crypto assets and 200+ crypto pairs. The completion of this funding is subject to regulatory approvals and other customary closing conditions.
Comments
Published on October 15, 2025
READ MORE
