Coinbase Eyes Stake in India’s Largest Exchange, CoinDCX

Key Takeaways

• Coinbase has applied for regulatory approval to acquire a minority stake in CoinDCX parent DCX Global Services.
• The U.S. exchange has invested in CoinDCX three times before and currently holds about 2.5%.
• India continues to draw major global exchanges despite heavy taxes and unclear regulations.

Coinbase is making its most decisive push into India yet.

The U.S. exchange has formally moved to acquire a minority stake in the parent company of CoinDCX, India’s largest crypto exchange, marking a significant escalation in its long-running effort to gain a footing in one of the world’s most active digital-asset markets.

The filing, submitted to India’s Competition Commission (CCI), positions Coinbase to deepen its investment after years of regulatory friction and earlier funding rounds.

Coinbase’s India Bet Finally Takes Shape

Coinbase’s new CCI filing ends months of speculation about the company’s interest in CoinDCX.

In July, CCN reported industry rumors about an acquisition attempt—reports that Sumit Gupta, co-founder of CoinDCX, dismissed at the time.

Now that Coinbase is entering the formal approval process, the approach is no longer hypothetical.

Coinbase’s planned investment builds on a long relationship.

The American exchange first backed CoinDCX in 2020, followed by additional rounds in 2022 and October 2025 . Those investments brought Coinbase’s stake to roughly 2.34%.

The new deal values CoinDCX at $2.45 billion post-money, cementing it as one of India’s most valuable crypto companies.

Coinbase’s Chief Business Officer Shan Aggarwal framed India as central to the company’s long-term strategy, noting that the region—alongside the Middle East—will play “a big role in the future of crypto.”

India’s Crypto Market Continues to Defy Uncertainty

Coinbase’s filing comes shortly after the exchange re-registered with India’s Financial Intelligence Unit (FIU), ending a year-long operational freeze triggered by regulatory disputes.

India remains one of the most coveted crypto markets globally for a simple reason: its scale.

With a population of 1.4 billion—more than half of whom are under 30—the country has topped global crypto adoption rankings for three consecutive years, according to multiple independent indexes.

The contradictions, however, are stark:

Still, the domestic sector has produced several crypto unicorns since 2017, and foreign exchanges continue to show strong interest despite the regulatory headwinds.

Growing Foreign Interest Could Pressure India Toward Regulation

While New Delhi has been reluctant to introduce a full crypto bill—calling digital assets “speculative” and maintaining steep taxes—market watchers believe sustained interest from major global players may eventually force incremental policymaking.

Coinbase’s latest move reinforces that trend.

With global exchanges aggressively expanding into India and pushing for compliance frameworks, lawmakers may face renewed pressure to shift from ambiguity to structured regulation.