July 8, 2024
By Anjali Kochhar
CoinDCX, an Indian cryptocurrency exchange, has purchased BitOasis, a major trading platform based in the United Arab Emirates (UAE), as part of a strategic expansion of its worldwide presence. The financial terms of the purchase have not been disclosed. This acquisition represents CoinDCX’s introduction into the Middle East and North Africa (MENA) area, as well as its first international expansion endeavour.
BitOasis, established in 2016, has recently achieved significant milestones, including securing a license to operate as a broker-dealer in Bahrain. The Dubai-based company is also licensed in its native UAE, enhancing its regulatory credibility and operational scope within the region. Since its inception, BitOasis has processed a total trading volume of $6 billion, averaging around $188 million per quarter over eight years.
CoinDCX’s acquisition aims to leverage BitOasis’s established market position and regulatory approvals to further its growth strategy in the MENA region. According to a blog post last week, this purchase will also facilitate BitOasis’s expansion plans across the region, bolstering its service offerings and market reach.
CoinDCX co-founder Sumit Gupta emphasised the importance of this acquisition, stating, “Our expansion strategy begins with the MENA region, capitalising on its mature market and the population’s keen interest in crypto investment.” Gupta’s statement underscores the strategic significance of entering a market with a strong appetite for cryptocurrency investments.
CoinDCX is one of India’s leading cryptocurrency exchanges, boasting a user base of over 15 million and quarterly spot trading volumes exceeding $840 million. A report by CoinGecko from approximately a year ago ranked CoinDCX as the third-largest crypto exchange in India, with a 6.6% market share, trailing behind Bitbns and WazirX, which hold 79% and 11% of the market, respectively.
The acquisition follows CoinDCX’s prior investment in BitOasis in August, indicating a sustained interest in the MENA region’s potential. By integrating BitOasis into its operations, CoinDCX aims to enhance its international footprint and capitalise on the region’s regulatory advancements and growing interest in digital assets.
BitOasis’s strong performance and regulatory achievements make it a valuable addition to CoinDCX’s portfolio. The UAE and Bahrain have emerged as progressive markets in the cryptocurrency sector, offering favourable regulatory environments and a burgeoning investor base. This acquisition positions CoinDCX to effectively tap into these opportunities and drive its growth agenda forward.
About the author
Anjali Kochhar covers cryptocurrency stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.
