CCI clears Coinbase’s minority investment in CoinDCX parent DCX Global

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

The regulator confirmed the clearance in a public update, stating that it had approved the proposed combination involving Coinbase’s minority investment in DCX Global. The approval follows Coinbase’s announcement in October of a fresh capital infusion into CoinDCX at a post-money valuation of $2.45 billion, reinforcing a long-standing relationship between the two companies.

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Coinbase had first backed CoinDCX in 2020 through its venture arm, Coinbase Ventures, participating in the Indian exchange’s Series A funding round. The latest investment signals a closer strategic partnership as Coinbase looks to strengthen its footprint in high-growth international markets.

Founded in 2018 by Sumit Gupta and Neeraj Khandelwal, CoinDCX has emerged as one of India’s largest cryptocurrency exchanges and achieved unicorn status in 2021. The company has raised more than $240 million in funding so far. DCX Global, which holds CoinDCX’s operating assets, is incorporated in Mauritius.

Coinbase operates crypto trading platforms across more than 100 countries and has been steadily expanding its India presence through investments and acquisitions. Its earlier acquisition of Bengaluru-based conversational AI startup Agara was aimed at enhancing customer support capabilities, while recent statements from the company have highlighted India and the Middle East as key pillars of its global growth strategy.

CoinDCX has also been expanding beyond India, with its Middle East and North Africa operations anchored by the acquisition of Dubai-based BitOasis. The exchange said the latest capital infusion will be used to strengthen product offerings, develop new on-chain use cases for Indian users and support entry into additional markets.

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The exchange reports over 20 million users, more than 500 listed crypto assets and quarterly trading volumes exceeding Rs 2.4 lakh crore. Financially, CoinDCX posted a 43% year-on-year rise in operating revenue to Rs 559.6 crore in FY25, while net profit grew 15% to Rs 1.7 crore.

The investment comes after a turbulent period for the exchange. In July 2025, CoinDCX disclosed a $44 million security breach involving an internal hot wallet used for liquidity operations. The company said it fully absorbed the losses through its treasury and that customer funds were not impacted.