India's antitrust authority has approved Coinbase's investment in the domestic crypto exchange CoinDCX, thereby bolstering the US exchange's expansion plans in the market.
In an announcement on Tuesday, the Competition Commission of India (CCI) confirmed it had approved Coinbase's acquisition of a minority stake in DCX Global Limited – the parent company of CoinDCX.
Coinbase's Chief Legal Officer, Paul Grewal, said this is a significant legal milestone and helps Coinbase strengthen its long-term partnership with one of the most reputable digital asset platforms in India.
Coinbase announced this investment in October, aiming to expand its presence in India and the Middle East. While not disclosing the specific amount, CoinDCX reported that the deal valued the exchange at $2.45 billion.
This information was released a few months after CoinDCX was hacked for approximately $44 million, with hackers posing as recruiters and tricking an engineer into installing malware on the company's computers.
Previously, Coinbase assessed CoinDCX as a fast-growing business with a solid financial foundation and good scalability.
The CCI approval also follows Coinbase's steps back into the Indian market. Earlier this month, the company reopened its app and allowed new users to register, after more than two years of withdrawal due to regulatory hurdles.
India remains one of the world's most vibrant crypto markets, consistently topping global crypto adoption rankings for three consecutive years.
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The article "India gives Coinbase the green light to buy a stake in CoinDCX" first appeared on CoinMoi .
