The Competition Commission of India (CCI) recently officially approved Coinbase's investment in the domestic cryptocurrency exchange CoinDCX, paving the way for the US-based giant's long-term expansion plans in the world's most populous market. This decision is XEM as a significant legal milestone, demonstrating that Indian regulators are taking a more open and realistic approach to investment in the digital asset sector.
According to an announcement released by the CCI, the agency has approved the transaction involving Coinbase Global Inc.'s acquisition of a minority stake in DCX Global Limited, the parent company behind CoinDCX. While not acquiring control, the deal is strategically significant as it allows Coinbase to become more deeply involved in the Indian crypto ecosystem through one of the oldest and largest native platforms.
Chia on the event, Coinbase's Chief Legal Officer, Paul Grewal, said that receiving approval from CCI is a significant legal milestone, reaffirming Coinbase's long-term commitment to partnering with CoinDCX. He emphasized that this is not just a simple financial investment, but a step towards building a sustainable relationship with a reputable digital asset platform in India, which Coinbase believes has enormous growth potential in the coming years.
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Earlier in October, Coinbase announced plans to invest in CoinDCX to expand its presence not only in India but also in the Middle East. While the exact value of the investment was not disclosed, CoinDCX stated that the deal valued the platform at approximately $2.45 billion, reflecting its leading position in the domestic crypto market. Coinbase also described CoinDCX as a high-growth business with a solid financial foundation and built for long-term scalability.
