TechFlow news, December 18 — According to Cointelegraph, India's Competition Commission has approved U.S.-based cryptocurrency exchange Coinbase's acquisition of a minority stake in Indian crypto platform CoinDCX. Coinbase Chief Legal Officer Paul Grewal confirmed the news on social media, stating the move will deepen Coinbase's long-term partnership with "one of India's most mature and trusted digital asset platforms."
The approval follows Coinbase's investment announcement in October, when CoinDCX was valued at approximately $2.4 billion post-investment, with annual revenue of around $141 million. While the exact shareholding percentage has not been disclosed, Coinbase has denied earlier reports suggesting a full $1 billion acquisition of the company.
It is also reported that Coinbase plans to re-enter the Indian market in 2026 by offering fiat on-ramp services to Indian users. This marks a significant return after Coinbase suspended its operations in India in September 2023. As the world's most populous country, India hosts over 100 million crypto users, representing substantial market potential for the cryptocurrency industry.
