The Competition Commission of India, the regulatory body responsible for promoting fair competition in India, has approved Coinbase to acquire a minority stake in the cryptocurrency platform CoinDCX.
In a notice on Tuesday, the regulator announced that it has approved Coinbase Global’s acquisition of a minority stake in DCX Global Limited, the company that operates CoinDCX. Coinbase Chief Legal Officer Paul Grewal confirmed the news in a post on X on Wednesday, saying it deepens the exchange’s “long-term partnership with one of India’s most established and trusted digital asset platforms.”
sauce: Paul Grewal
Neither the regulator’s announcement nor Grewal’s post included information about Coinbase’s stake in the cryptocurrency exchange. Cointelegraph reached out to a Coinbase spokesperson for comment, but did not receive a response at the time of publication.
This regulatory approval follows Coinbase’s announcement in October that it plans to invest in CoinDCX at a post-money valuation of approximately $2.4 billion. Coinbase reported at the time that CoinDCX had annual revenue of approximately $141 million as of July, but denied earlier reports that it planned to acquire the company outright for $1 billion.
Coinbase also returns to Indian market
According to reports last week, the US-based cryptocurrency exchange had plans to start introducing fiat currency to India-based users starting in 2026. If the move is confirmed, Coinbase will return to India in September 2023, more than two years after suspending its services.
India, the world’s largest population with over 1.4 billion people, is a large market for the cryptocurrency industry. Although estimates vary, many in the industry report that there are more than 100 million cryptocurrency users in the country.
