The Competition Commission of India, the regulatory body responsible for promoting fair competition in the country, has approved Coinbase acquiring a minority stake in cryptocurrency platform CoinDCX.
In a Tuesday notice, the regulator said it had approved Coinbase Global’s minority stake acquisition in DCX Global Limited, the company behind CoinDCX. Coinbase chief legal officer Paul Grewal confirmed the news in a Wednesday X post, saying it deepened the exchange’s “long-term partnership with one of India’s most established and trusted digital asset platforms.”
Source: Paul Grewal
Neither the regulatory announcement nor Grewal’s post included information about the percentage of Coinbase’s stake in the crypto exchange. Cointelegraph reached out to a Coinbase spokesperson for comment, but had not received a response at the time of publication.
The regulatory approval followed an October notice that Coinbase was planning to invest in CoinDCX with a post-money valuation of about $2.4 billion. Coinbase reported at the time that CoinDCX had about $141 million in annual revenue as of July, but denied earlier reports that it was planning to purchase the company outright for $1 billion.
Coinbase is also returning to the Indian market
According to reports from last week, the US-based crypto exchange was planning to roll out fiat on-ramps to India-based users starting in 2026. The move, if confirmed, would mark Coinbase’s return to India more than two years after it halted services in September 2023.
With the largest population in the world, exceeding 1.4 billion, India represents a substantial market for the cryptocurrency industry. Estimates vary, but many in the industry have reported that there are more than 100 million crypto users in the country.
