Accelerate re-entry into the Indian market with CCI approval
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The Competition Commission of India (CCI) announced on the 18th that it has approved Coinbase Global's acquisition of a minority stake in DCX Global Limited, the operator of CoinDCX. CCI is India's central regulator for market competition, and this approval provides institutional recognition to Coinbase's strategic investment in the country.
Paul Grewal, Coinbase's global chief legal officer, confirmed the decision via an official X on the 18th, saying, "This further strengthens our long-term partnership with one of the most established and trusted digital asset platforms in India." However, neither CCI's announcement nor Grewal's remarks disclosed the exact percentage of stake Coinbase would acquire.
This approval follows an investment plan Coinbase announced in October. At the time, Coinbase announced an undisclosed investment in CoindCX, estimating the transaction's post-transaction valuation to be approximately $2.4 billion. Coinbase disclosed that CoindCX's annual revenue was approximately $141.1 million as of July, but has denied rumors of a $1 billion acquisition.
Coinbase's recent stake acquisition aligns with its strategy to return to the Indian market. Previous reports indicate that Coinbase is considering launching a fiat onramp service for Indian users starting in 2026. If this plan materializes, Coinbase will re-enter the Indian market after a two-year hiatus, following its suspension of services in September 2023.
With a population exceeding 1.4 billion, India is the world's most populous country and is considered a key market for the cryptocurrency industry. Industry estimates suggest there are already over 100 million cryptocurrency users in India. Coinbase's acquisition of CoindCX and regulatory approval are seen as signals that the global exchange is repositioning itself in the Indian cryptocurrency market and embarking on a full-scale expansion.
Reporter Jeong Ha-yeon yomwork8824@blockstreet.co.kr
