Key Insights
- India’s CoinDCX acquires Dubai-based BitOasis for international expansion
- Acquisition aims to enhance user experience with broader crypto offerings and increased liquidity
- BitOasis to maintain its brand and leadership team post-acquisition
MUMBAI (MarketsXplora) – CoinDCX, India’s largest cryptocurrency exchange, has acquired Dubai-headquartered digital asset trading platform BitOasis for an undisclosed sum, marking its first step towards international expansion, the company announced on Wednesday.
The acquisition follows CoinDCX’s strategic investment in BitOasis in August 2023 and aims to offer users access to a wider range of crypto assets, increased liquidity, and an enhanced trading experience.
“CoinDCX aims to become the go-to trading platform for crypto worldwide,” Sumit Gupta, co-founder of CoinDCX, told MarketsXplora. “Our expansion strategy begins with the MENA region, capitalizing on its mature market and the population’s keen interest in crypto investment.”
BitOasis, founded in 2016, recently secured a license from the Central Bank of Bahrain in June, expanding its footprint in the Middle East and North Africa region. This follows its receipt of an MVP Operational Licence from Dubai’s Virtual Asset Regulatory Authority last year.
Gupta assured that BitOasis’ brand and leadership team will remain unchanged post-acquisition. The platform, available in 15 countries across the region, has processed over $6 billion in trading volume since its inception and raised more than $40 million from investors including Jump Capital and Pantera Capital.
Ola Doudin, co-founder and CEO of BitOasis, said,
“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.”
Established in 2018, CoinDCX claims a user base exceeding 15 million customers and average quarterly trading volumes of $840 million. The Indian exchange is backed by notable investors such as Pantera Capital, Polychain Capital, Bain Capital Ventures, and Coinbase Ventures.
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