Coinbase is in advanced talks to acquire CoinDCX, one of India’s largest crypto exchanges, in a move that could mark its major re-entry into the Indian market. The deal is reportedly valued at under $1 billion, a steep drop from CoinDCX’s peak valuation during the last crypto bull run. Coinbase recently secured a license from India’s Financial Intelligence Unit, signaling its renewed focus on the country after regulatory hurdles halted its 2022 launch.

The U.S.-based exchange has been on an acquisition spree, including the $2.9 billion purchase of Deribit, and the additions of Liquifi, Spindl, and Iron Fish. CEO Brian Armstrong said Coinbase remains open to more M&A deals, emphasizing that the company is ready to spend if the right opportunities emerge. These efforts aim to strengthen Coinbase’s global trading and infrastructure stack.

CoinDCX is still recovering from a $44 million security breach involving its internal liquidity wallet. CEO Sumit Gupta confirmed no customer funds were affected, as they remain in cold storage. The company will cover the losses from its treasury and has boosted security measures.

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