The Competitors Fee of India, the regulatory physique accountable for selling truthful competitors within the nation, has permitted Coinbase buying a minority stake in cryptocurrency platform CoinDCX.
In a Tuesday discover, the regulator said it had permitted Coinbase World’s minority stake acquisition in DCX World Restricted, the corporate behind CoinDCX. Coinbase chief authorized officer Paul Grewal confirmed the information in a Wednesday X submit, saying it deepened the trade’s “long-term partnership with one among India’s most established and trusted digital asset platforms.”
Neither the regulatory announcement nor Grewal’s submit included details about the share of Coinbase’s stake within the crypto trade. Cointelegraph reached out to a Coinbase spokesperson for remark, however had not obtained a response on the time of publication.
The regulatory approval adopted an October discover that Coinbase was planning to invest in CoinDCX with a post-money valuation of about $2.4 billion. Coinbase reported on the time that CoinDCX had about $141 million in annual income as of July, however denied earlier reports that it was planning to buy the corporate outright for $1 billion.
Associated: CoinDCX report shows Indian users moving to broader crypto portfolios in 2025
Coinbase can also be returning to the Indian market
In accordance with stories from final week, the US-based crypto trade was planning to roll out fiat on-ramps to India-based customers beginning in 2026. The transfer, if confirmed, would mark Coinbase’s return to India greater than two years after it halted companies in September 2023.
With the most important inhabitants on the earth, exceeding 1.4 billion, India represents a considerable marketplace for the cryptocurrency business. Estimates differ, however many within the business have reported that there are greater than 100 million crypto customers within the nation.
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