Coinbase gets CCI approval to acquire a minority stake in CoinDCX parent DCX Global

The Competition Commission of India (CCI) has approved US-based cryptocurrency platform Coinbase Global Inc’s proposal to acquire a non-controlling, minority stake in DCX Global Ltd, the entity that owns the CoinDCX brand, technology and related intellectual property.

Announcing its decision, the regulator said, “Commission approves the proposed combination involving the acquisition of minority shareholding in DCX Global Limited by Coinbase Global Inc,” in a post on X.

C-2025/10/1342: Commission approves the proposed combination involving acquisition of minority shareholding in DCX Global Limited by Coinbase Global Inc. pic.twitter.com/IG6phSKsfq

— CCI (@CCI_India) December 16, 2025

The approval follows Coinbase’s announcement in October of a fresh investment in CoinDCX at a post-money valuation of $2.45 billion. The investment extends Coinbase’s earlier backing of the exchange through Coinbase Ventures and signals a deeper strategic partnership between the two companies. Coinbase first invested in CoinDCX in 2020, when the Indian exchange raised $3 million in its Series A funding round.

Founded in 2018 by Sumit Gupta and Neeraj Khandelwal, CoinDCX is one of India’s largest crypto exchanges and became the country’s first crypto unicorn in 2021. The company has raised more than $240 million in funding to date. DCX Global, which owns the CoinDCX operating assets, is incorporated in Mauritius.

Coinbase operates crypto exchange platforms in more than 100 countries and has been expanding its India presence through investments and acquisitions. In 2021, it acquired Bengaluru-based conversational AI startup Agara to strengthen customer experience capabilities. More recently, Coinbase has indicated that India and the Middle East are central to its international growth strategy.

CoinDCX operates across India and the Middle East and entered the region through the acquisition of Dubai-based BitOasis. The BitOasis platform anchors CoinDCX’s presence across the Middle East and North Africa. The company has said the latest capital infusion will be used to enhance product offerings, introduce new on-chain use cases for India, and support expansion into additional markets.

The exchange reports a user base of over 20 million, more than 500 listed crypto assets, and quarterly trading volumes exceeding Rs 2.4 lakh crore. As of July 2025, CoinDCX’s annualised group revenue stood at Rs 1,179 crore, with annualised transaction volumes of Rs 13.7 lakh crore across products and assets under custody of over Rs 10,000 crore.

On the financial front, CoinDCX reported a 15% increase in net profit to Rs 1.7 crore in FY25 from Rs 1.5 crore in FY24. Operating revenue rose 43% year-on-year to Rs 559.6 crore from Rs 391.8 crore in the previous fiscal.

The investment comes after a challenging year for the exchange. In July 2025, CoinDCX disclosed a $44 million security breach, one of the largest crypto-related incidents in India after the WazirX hack. The attack targeted an internal hot wallet used for liquidity operations. CoinDCX said it absorbed the full financial impact through its internal treasury and that no customer funds were affected.