Coinbase Granted Approval to Acquire Minority Stake in CoinDCX

BlockBeats News, December 18th, the Competition Commission of India has approved Coinbase's acquisition of a minority stake in the Indian crypto platform CoinDCX. Coinbase's Chief Legal Officer, Paul Grewal, later confirmed and stated that this move will deepen Coinbase's long-standing partnership with CoinDCX.

This acquisition approval stems from Coinbase's investment plan announced in October of this year when CoinDCX had a post-investment valuation of about $2.4 billion and annual revenue of about $141 million. Although the specific ownership stake has not been disclosed, Coinbase has denied previous reports of a $1 billion full acquisition of the company.