This latest investment builds upon Coinbase Ventures' previous backing of CoinDCX, following a $135 million funding round in April 2022 that valued the Indian exchange at $2.15 billion. Despite facing regulatory uncertainties, India remains a high-growth market for digital assets, with over 100 million crypto users and increasing mobile internet penetration.
Coinbase's Chief Business Officer, Shan Aggarwal, emphasized the strategic importance of India and its neighboring regions in shaping the global on-chain economy. He stated, "We believe India and its neighbors will help shape the future of the global on-chain economy." The completion of this investment is subject to regulatory approvals
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