Coinbase in talks to acquire CoinDCX at under $1 billion

US crypto giant Coinbase is in advanced talks to acquire India-based crypto exchange CoinDCX, Mint reported, citing people familiar with the matter.

The deal may value CoinDCX at less than $1 billion, a sharp drop from its peak $2.2 billion valuation in 2022.

The potential acquisition comes as CoinDCX works to recover from a recent $44 million hack.

Insolvency specialists have reportedly been brought in to assess the company’s financial and operational health, according to the report.

Coinbase already holds stakes in both CoinDCX and rival platform CoinSwitch.

The US-based crypto firm told Mint that it is “always evaluating opportunities around the world to build, buy, and partner,” though CoinDCX denied being in acquisition talks.