Summary
- The Competition Commission of India said it approved Coinbase's CoinDCX stake investment.
- Coinbase said it plans to expand its India business with this investment.
- Coinbase said it plans to offer trading services in the Indian fiat currency, the rupee, from next year.
Indian authorities have approved the U.S. cryptocurrency exchange Coinbase's stake investment in CoinDCX (CoinDCX).
On the 18th (local time), according to CoinDesk, the Competition Commission of India (CCI) approved Coinbase's investment in DCX Global the day before (the 17th). DCX Global is the parent company of the Indian cryptocurrency exchange CoinDCX.
Earlier, Coinbase announced plans to invest in CoinDCX last October. The specific investment amount was not disclosed.
Coinbase appears likely to actively expand its India business starting with this investment. Coinbase recently resumed user registrations, two years after withdrawing its India operations in 2023. Coinbase plans to offer trading services in the Indian fiat currency, the rupee, from next year.
Paul Grewal (Paul Grewal), Coinbase's Chief Legal Officer (CLO), said on X (X), "(The CCI's) approval is an important milestone," adding, "It will further strengthen the long-term partnership between CoinDCX, one of India's oldest and most trusted cryptocurrency platforms, and Coinbase."
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul
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