Coinbase receives approval from the Competition Commission of India to acquire a minority stake in CoinDCX.
TL;DR
Coinbase has received approval from India's Competition Commission to acquire a minority stake in CoinDCX, deepening their partnership. The investment, part of a plan announced in October, values CoinDCX at around $2.4 billion, though the exact stake is undisclosed.
Tags
According to Foresight News , the Competition Commission of India has approved Coinbase's acquisition of a minority stake in Indian cryptocurrency platform CoinDCX. Coinbase Chief Legal Officer Paul Grewal subsequently confirmed the move, stating that it will deepen the long-standing partnership between Coinbase and CoinDCX. This approval stems from an investment plan announced by Coinbase in October, at which time CoinDCX was valued at approximately $2.4 billion post-investment and had annual revenue of approximately $141 million. While the specific shareholding percentage has not been disclosed, Coinbase has denied previous reports of a $1 billion all-inclusive acquisition of the company.