New Delhi, Oct. 15 -- The chief executive of CoinDCX has denied rumours that it plans to merge with Coinbase after the US crypto company announced it had invested an undisclosed amount in the Indian cryptocurrency platform.

Rather, CoinDCX plans to use the fresh funding - its first in more than three years - to expand its presence in the Middle East and venture beyond the cryptocurrency exchange business, Sumit Gupta, its co-founder and chief executive, told Mint. CoinDCX also did not disclose the sum it received from Coinbase, saying only that it was valued at $2.45 billion after the fundraise.

"The fresh fundraise is not a step toward a merger of services," Gupta said. "Coinbase has deep expertise in global markets, while CoinDCX rema...