CoinDCX announced on Wednesday that it has acquired BitOasis, a crypto trading platform based in the United Arab Emirates. With this acquisition, CoinDCX claims to have taken the first step to expand its crypto business in the Middle East and North Africa (MENA) region. CoinDCX first became involved with BitOasis last year when it invested an undisclosed amount of funding into the UAE-based company. BitOasis recently obtained a license in the Kingdom of Bahrain and already has operational experience in Dubai, making the acquisition of BitOasis promising for growth, according to CoinDCX.
Sumit Gupta, the co-founder of CoinDCX, has emphasized that after conducting business in India for the past six years, he is willing to adopt a first-completion approach to conducting operations in the region MENA. In India, CoinDCX has registered with the Financial Intelligence Unit (FIU), making it a legally compliant crypto entity in the country.
CoinDCX and BitOasis have not yet disclosed the financial value of the acquisition agreement.
“Investor protection has been paramount and we have distinguished ourselves in India with unwavering compliance. We are committed to maintaining the same standards wherever we operate. Our expansion strategy begins with the MENA region, capitalizing on its mature market and the public's strong interest in crypto investing,” Gupta said in a prepared statement. He also posted a thread on X (formerly Twitter) explaining additional details of the acquisition.
Importance of BitOasis in the MENA region
BitOasis was founded in 2016. The platform has enabled retail, institutional and high net worth individual crypto investors to trade over 60 cryptocurrencies.
CoinDCX says that BitOasis has processed more than $6 billion (roughly Rs. XXX crore) in trading volume and has raised over $40 million (roughly Rs. 50,077 crore) in funding from various investors since it was operational. He also added that BitOasis was the first crypto platform to be registered with the UAE Financial Intelligence Unit in 2021.
Commenting on its acquisition by CoinDCX, BitOasis co-founder and CEO Ola Doudin said: “This acquisition will enable further growth. Users can expect a broader product portfolio, an enhanced crypto service offering, a wider access to an expanded range of tokens, greater liquidity, improved trading options and an overall improved user experience.
