The Competition Commission of India has approved the proposed combination involving acquisition of minority shareholding in DCX Global Limited by Coinbase Global Inc.

Coinbase Global Inc. (Coinbase), incorporated in the United States, operates crypto-exchange platforms in more than 100 countries globally. It has recently commenced operations in India.

DCX Global Limited (DCX), incorporated in Mauritius, owns the technology, brand, and other relevant intellectual property of the “CoinDCX” crypto-exchange business in India. The Coin DCX crypto exchange is operated by Neblio Technologies Pvt. Ltd.

The proposed combination relates to inter alia acquisition of minority shareholding in DCX by Coinbase (Proposed Combination).

Detailed order of the Commission will follow.

Coinbase to acquire minority stake in DCX Global; regulatory approval granted for the proposed combination affecting crypto-exchange operations. The Commission approved the Proposed Combination in which Coinbase Global Inc. will acquire a minority shareholding in DCX Global Limited; the transaction concerns acquisition of equity in the Mauritius entity that owns the technology, brand and intellectual property for the CoinDCX crypto-exchange (operated by Neblio Technologies Pvt. Ltd.), and a detailed order from the Commission will follow regarding its competition review.