Coinbase Global Inc. (NASDAQ:COIN) announced on Tuesday a fresh investment in Indian cryptocurrency exchange CoinDCX, setting the company's post-money valuation at $2.45 billion.
Coinbase’s Trust In ‘Financially sound’ CoinDCX
Coinbase said that the latest move builds upon its earlier investments in the company through Coinbase Ventures, its venture capital arm.
It described Mumbai-based CoinDCX as a “high-growth, financially sound” business that is expanding its footprint across the Middle East
“This investment underscores the potential we see in these regions,” Coinbase added. Notably, Coinbase didn’t reveal the actual amount invested in the company.
CoinDCX Valued At Nearly $2.5 Billion
CoinDCX co-founder Sumit Gupta said that Coinbase values the company at $2.45 billion post-money, up from $2.15 billion in the previous fundraising in April 2022.
Price Action: Coinbase shares rose 0.52% in after-hours trading after closing 4.33% lower at $341.55 during Tuesday’s regular trading session, according to data from Benzinga Pro.
As of this writing, COIN ranked high on Growth, an indicator of a stock's combined historical expansion in earnings and revenue across multiple periods. Visit Benzinga Edge Stock Rankings to compare it to other cryptocurrency-linked stocks on Wall Street.
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