Coinbase Receives Approval to Acquire $2.45 Billion Stake in CoinDCX in India
The Competition Commission of India has approved Coinbase's plan to acquire a minority stake in CoinDCX, valuing the investment at $2.45 billion. CoinDCX is a major crypto platform serving over 20.4 million users in India and the UAE and holds more than $1.2 billion in assets under custody.
This approval comes after CoinDCX experienced a significant security breach in July, where hackers stole approximately $44 million from an internal liquidity account. Cyvers linked the incident to North Korea's Lazarus Group. Following the breach, CoinDCX implemented a recovery program that offered users up to 25% of retrieved assets, representing an estimated $11 million.
Coinbase described the regulatory approval as an important milestone that strengthens its long-term partnership with CoinDCX. The company has recently resumed direct operations in India after a two-year pause, now providing crypto-to-crypto trading and planning to enable rupee deposits by 2026.
This investment reflects Coinbase's strategy to expand in high-potential regions such as India and the Middle East, emphasizing India's key role in its global growth plans.
