Coinbase Global filed a formal application with India’s Competition Commission on November 14, 2025 to acquire a minority stake in DCX Global Services, the parent company of the CoinDCX exchange. The filing marks the company’s first regulatory‑approved entry into the Indian market since its re‑registration with the Financial Intelligence Unit in March 2025.
The stake is described as minority, but the exact percentage and monetary value have not been disclosed by either party. The lack of a public figure is typical for early‑stage investment rounds in India, where valuation and ownership terms are often kept confidential until a later funding event.
Coinbase’s move aligns with its “Everything Exchange” strategy, which seeks to bundle a full suite of crypto and traditional financial services on a single platform. By partnering with CoinDCX, Coinbase gains immediate access to a robust local trading infrastructure, a large retail and institutional user base, and a team that has navigated India’s complex regulatory environment.
India is the world’s largest and fastest‑growing crypto market, with a projected market size in the billions and a 30% tax on crypto gains that has spurred institutional interest. Coinbase’s prior investment in CoinDCX in 2022, when the exchange was valued at roughly $2.15 billion, demonstrates a long‑term commitment to the region.
The application follows Coinbase’s recent acquisitions of Deribit (closed August 14, 2025 for about $2.9 billion) and Echo (announced October 21, 2025 for about $375 million). These moves illustrate a broader strategy of acquiring complementary platforms to accelerate global expansion and diversify revenue streams.
If the Competition Commission approves the stake, Coinbase would solidify its presence in a key emerging market, potentially unlocking cross‑border trading opportunities and enabling the launch of new products such as stablecoin services and tokenized securities tailored to Indian users. The partnership would also provide CoinDCX with access to Coinbase’s global custody and compliance frameworks.
The regulatory approval process remains a critical hurdle. While the filing was made on November 14, the final decision could take several weeks, reflecting India’s cautious approach to foreign investment in the crypto sector.
Overall, the application represents a significant step in Coinbase’s global expansion agenda, positioning the company to capture a share of India’s rapidly growing digital‑asset ecosystem while reinforcing its “Everything Exchange” vision.
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