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The Indian Competition Authority has approved US-based cryptocurrency exchange Coinbase’s acquisition of a minority stake in the local cryptocurrency platform CoinDCX. This decision is seen as a significant milestone in Coinbase’s strategy to strengthen its presence in the Indian market and pursue long-term growth.
The Competition Commission of India (CCI) announced in a statement that it has formally approved the transaction involving Coinbase Global Inc. acquiring a minority stake in DCX Global Limited.
Coinbase Legal Director Paul Grewal, in a post on the X platform, stated that this approval is a critical regulatory milestone and emphasized that the strategic partnership established with CoinDCX will deepen.
In October, Coinbase announced its intention to scale its operations in India and the Middle East by investing in CoinDCX. While the financial size of the investment was not publicly disclosed, CoinDCX officials stated that the deal brought the company to a valuation of approximately $2.45 billion.
This development comes after CoinDCX recently experienced security issues. The platform was subjected to a cyberattack costing approximately $44 million as a result of a software engineer installing malware. Despite this, Coinbase continues to describe CoinDCX as having a “robust business model with high growth potential and scalability.”
CCI approval also supports Coinbase’s move to return to India. The company had recently reopened its app in the country after more than two years, and has begun accepting users. India continues to be an attractive market for the sector, ranking first in global crypto adoption for the third consecutive year.
*This is not investment advice.