Coinbase Gets Nod from Indian Regulators to Acquire CoinDCX Stake
The Competition Commission of India has approved Coinbase Global’s acquisition of a minority stake in DCX Global Limited, the parent company of cryptocurrency platform CoinDCX. This move strengthens Coinbase’s partnership with one of India’s leading digital asset platforms. Specific details about the size of Coinbase’s investment were not disclosed. Previously, plans indicated Coinbase would invest at a post-money valuation of about $2.4 billion, with CoinDCX reporting approximately $141 million in annual revenue as of July. Coinbase denied any intention to fully acquire CoinDCX. Additionally, Coinbase is preparing to re-enter the Indian market after halting services in 2023, aiming to introduce fiat on-ramps for Indian users by 2026. India, with a population exceeding 1.4 billion and over 100 million crypto users, represents a significant market for cryptocurrency firms.
