India’s competition regulator has granted Coinbase
$2.02B
permission to buy a smaller share in CoinDCX, one of the country’s main cryptocurrency platforms.
The approval came from the Competition Commission of India (CCI), which ensures fair market competition.
In a statement released on December 16, the CCI confirmed that Coinbase Global would take a minority position in DCX Global Limited, the company behind CoinDCX.
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On December 17, Coinbase’s chief legal officer, Paul Grewal, wrote on X and described the approval as a step forward that builds on the exchange’s “long-term partnership with one of India’s most established and trusted digital asset platforms”.
Neither the CCI’s announcement nor Grewal’s post revealed the exact share Coinbase would hold. The details of the investment remain undisclosed.
This decision follows a notice issued in October, when Coinbase outlined its plan to invest in CoinDCX. At that time, the investment valued the Indian firm at around $2.4 billion after funding.
Reports from Coinbase indicated that CoinDCX generated about $141 million in annual revenue as of July.
Although some media outlets had previously suggested that Coinbase planned to acquire CoinDCX in a $1 billion deal, the company later denied those claims. Instead, the initiative represents a smaller, strategic investment rather than a full acquisition.
Coinbase recently reopened registrations in India and plans to enable local-currency trading by 2026. What did Coinbase’s Asia-Pacific director, John O’Loghlen, say? Read the full story.
