Indian crypto exchange CoinDCX expands in MENA with BitOasis acquisition

One of India’s top crypto exchanges, CoinDCX has officially acquired UAE based crypto broker BitOasis as part of its expansion plans outside of India. CoinDCX first invested in the UAE and Bahrain firm in 2023.

This is the first acquisition of a crypto exchange based in the MENA region. BitOasis, which currently has an operational license in Dubai UAE, and a new license in the Kingdom of Bahrain will retain its brand as well as management team.

According to CoinDCX Founder, the expansion began in MENA because of its mature market and the population’s keen interest in crypto investment.

CoinDCX owns full share capital of BitOasis

CoinDCX has acquired BitOasis which commenced operations in 2016 and currently sells and holds over 60 tokens as well as having processed over $6 billion in trading volume since inception. Previously BitOasis had raised $40 million from regional and global investors.

On the other hand, CoinDCX boasts 15 million users, offering 500+ crypto assets and quarterly trading volumes exceeding $480 million in 2024.

📢@CoinDCX acquires MENA region's leading virtual assets trading platform @bitoasis

Join us to celebrate a significant step towards our vision of global expansion and creating a more accessible and secure crypto experience for users. #WAGMI💪 pic.twitter.com/iMoffAjqcZ
— CoinDCX: India's Safest Crypto Platform (@CoinDCX) July 3, 2024

The amount paid for the acquisition was not disclosed by either party, however, in a Reuters piece it noted that CoinDCX, now owns the full share capital of the Dubai-based company.

“CoinDCX’s acquisition marks an exciting new chapter for BitOasis, one that propels us forward on a much stronger ground,”

Ola Doudin, Co-Founder & CEO of BitOasis.

Doudin further noted that “since the start of BitOasis, trust and regulatory compliance has been a key pillar in our mission to drive crypto adoption across MENA. This is a common pillar we share with CoinDCX along with our unwavering commitment to customer-centricity that has been equally vital for sustainable success.”

BitOasis Users to expect enhanced crypto services

In addition, Ola stated: “We are committed to delivering exceptional services, and this acquisition will enable further growth. Users can expect a broader product portfolio, enhanced crypto services offering, broader access to an expanded range of tokens, increased liquidity, improved trading options, and an overall enhanced user experience.”

Also read: MENA crypto broker BitOasis receives license in Bahrain

“Building on six years of success and supporting more than 15 million Indians in their crypto journey, CoinDCX aims to become the go-to trading platform for crypto worldwide,”

Sumit Gupta, Co-Founder of CoinDCX.

“For us, investor protection has been paramount, and we have distinguished ourselves in India with unwavering compliance. We are committed to upholding the same standards wherever we operate. This principle will continue to guide our actions as we navigate new markets and opportunities,” Gupta added.

CoinDCX chose BitOasis as it was the first platform to register with the UAE Financial Intelligence Unit in 201 with strong proactive relationships with regulators.

Cryptopolitan reporting by Lara Abdul Malak