- India’s Competition Commission has approved Coinbase’s acquisition of a minority stake in CoinDCX, an Indian crypto exchange.
- The deal values CoinDCX at $2.45 billion, though the exact investment amount by Coinbase was undisclosed.
- Coinbase has been an investor in CoinDCX since 2020 and plans to expand local operations, including launching a fiat on-ramp in 2026.
- The regulatory approval is a significant milestone for India’s crypto market, enhancing trust and attracting global capital.
India’s Competition Commission has approved a deal allowing Coinbase, a U.S.-based cryptocurrency exchange, to acquire a minority stake in the Indian crypto exchange CoinDCX. This approval clears the way for Coinbase to deepen its presence in the country’s cryptocurrency market. The transaction values CoinDCX’s parent company, DCX Global Limited, at $2.45 billion, though the precise size of the investment by Coinbase has not been disclosed.
Coinbase has held an investment position in CoinDCX since 2020. The exchange’s CEO, Sumit Gupta, described the increased capital infusion as validation of CoinDCX’s strategy and vision. Gupta called the approval from India’s regulatory authority an important step in building trust within the local crypto ecosystem and opening access to international capital, as stated in Decrypt.
This approval follows Coinbase’s announcement in mid-October about the deal and comes after a challenging year for CoinDCX, which included a $44 million hack on one of its wallets. At the time, Gupta dismissed rumors that CoinDCX was up for sale.
Industry experts, like CA Sonu Jain of 9Point Capital, noted that the competition commission’s clearance signals openness to foreign involvement in India’s crypto infrastructure, provided transparent governance and compliance structures are in place. Jain’s comments were shared with Decrypt.
Coinbase has recently resumed user registrations after a two-year pause, allowing crypto-to-crypto trading again. The company also plans to launch a fiat on-ramp that will enable users to buy crypto using the local currency by 2026, as announced by Coinbase’s Asia-Pacific director John O’Loghlen.
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