CoinDCX acquires Dubai-based BitOasis

• BitOasis intends to leverage CoinDCX’s resources and expertise to fortify its presence in the Middle East and North Africa region.

CoinDCX, a leading crypto exchange based in India, has recently completed the acquisition of BitOasis, a crypto platform headquartered in Dubai.

Despite the undisclosed transaction value, the ownership of BitOasis has now been fully transferred to CoinDCX, which had previously acquired a stake in the company the year before.

Through this strategic move, BitOasis intends to leverage CoinDCX’s resources and expertise to fortify its presence in the Middle East and North Africa (MENA) region, where it serves customers across 15 countries, while enhancing its service offerings.

Premier trading destination

Despite the acquisition, BitOasis will maintain its brand identity and leadership team. CoinDCX’s co-founder and chief executive, Sumit Gupta, expressed ambitions for the platform to evolve into a premier global trading destination for cryptocurrencies.

“By prioritising the MENA region as a starting point for expansion, CoinDCX aims to tap into the region’s established market infrastructure and growing interest in crypto investments among the population.”

The UAE has positioned itself as a prospective hub for the crypto industry, with Dubai emerging as a key commercial and tourism centre in the Gulf.

In a bid to regulate the burgeoning virtual asset sector, Dubai established the VARA watchdog in 2022. BitOasis, founded in 2016, operates as a broker-dealer service provider for qualified retail and institutional investors under its MVP operational license issued by VARA. Recently, it also received a similar license from the Central Bank of Bahrain.

CoinDCX stands out as one of India’s major crypto exchanges, commanding a user base exceeding 15 million and recording quarterly spot trading volumes surpassing 840 million.

On the other hand, BitOasis has secured over 40 million in funding over its eight-year history, further solidifying its position in the crypto market. Through this acquisition, both companies are well-positioned to capitalise on the synergies between their operations and drive innovation in the evolving landscape of cryptocurrency trading and investment.