India's antitrust authority has cleared the way! Coinbase is approved for the acquisition of a minority stake in CoinDCX.

The largest crypto assets exchange in the United States, Coinbase, has made significant progress in expanding its presence in the Indian market.

India's antitrust regulator, the Competition Commission of India (CCI), announced on Tuesday that it has officially approved Coinbase Global Inc.'s acquisition of a minority stake in the Indian crypto assets exchange CoinDCX, clearing the final regulatory hurdle for this investment, and further solidifying Coinbase's strategic direction in deepening its presence in the Indian market.

Coinbase's Chief Legal Officer Paul Grewal posted on the social media platform X, stating that this approval is not only an important regulatory milestone but also deepens the strategic partnership between Coinbase and the most trusted platform in India.

Coinbase announced in October this year that it has invested in CoinDCX to expand its business in India and the Middle East. Although both parties did not disclose the specific equity ratio and amount, according to previous financing information from CoinDCX, this transaction will elevate the platform's valuation to 2.45 billion USD.

It is worth noting that several months before the announcement of this investment case, CoinDCX experienced a hacking incident. At that time, hackers disguised themselves as a headhunting company, tricking CoinDCX software engineers into installing malware on company laptops, ultimately resulting in the theft of assets worth $44 million.

Despite facing negative public opinion, Coinbase still supported and praised CoinDCX in an October statement as “a company born for scaling, financially sound, and high growth.”

The release by Indian regulatory authorities also adds support for Coinbase to restructure its presence in the Indian market. According to a report by TechCrunch earlier this month, Coinbase has reopened its app for listing in India after a hiatus of more than two years and has resumed allowing Indian users to register accounts, officially returning to a market it once exited due to regulatory hurdles.

According to a report released by TRM Labs in October, India has ranked first in the world in cryptocurrency adoption for three consecutive years, significantly ahead of the United States, Pakistan, and the Philippines.

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Tags: CoinbaseCoinDCX exchange invests in Crypto Assets India acquisition