Indian cryptocurrency exchange CoinDCX has acquired Dubai-based digital asset platform BitOasis, marking the beginning of its international growth strategy.
The acquisition aims to enhance CoinDCX’s global presence, starting with the Middle East and North Africa (MENA) region.
CoinDCX, India’s largest crypto exchange, previously invested in BitOasis in August 2023.
This acquisition is intended to provide users with access to a wider array of crypto assets, improved liquidity, and a better trading experience.
The financial details of the deal have not been disclosed.
BitOasis recently secured a license from the Central Bank of Bahrain and an MVP Operational Licence from Dubai’s Virtual Asset Regulatory Authority.
These licenses have strengthened its position in the MENA region, operating in 15 countries.
CoinDCX co-founder Sumit Gupta emphasized that BitOasis’ brand and leadership team will remain unchanged.
Gupta stated, “Our expansion strategy begins with the MENA region, capitalizing on its mature market and the population’s keen interest in crypto investment. Joining forces with BitOasis aligns perfectly with our vision.”
BitOasis co-founder and CEO Ola Doudin added that users can expect an enhanced product portfolio, improved trading options, and increased access to a broader range of tokens and services.
Founded in 2018, CoinDCX boasts over 15 million users and generates average quarterly trading volumes of $840 million.
Its investors include Pantera Capital, Polychain Capital, Bain Capital Ventures, and Coinbase Ventures.
BitOasis, established in 2016, has processed over $6 billion in trading volume and raised more than $40 million from investors such as Jump Capital and Pantera Capital.