Crypto exchange platform CoinDCX acquires MENA region's BitOasis

Crypto exchange platform CoinDCX has acquired virtual digital assets (VDAs) platform BitOasis, based in the Middle East and North Africa (MENA) region, for an undisclosed amount as part of the company’s global expansion strategy.

This comes nearly ten months after CoinDCX invested in the company, marking one of its earliest investments in the MENA region.

“Combined with the company’s newly acquired licence in the Kingdom of Bahrain and the recent reopening of its platform in Dubai, the acquisition will further empower BitOasis to strengthen and expand its presence across the MENA region as a leading player in the virtual assets ecosystem, licensed and regulated in multiple markets,” CoinDCX and BitOasis said in a joint statement.

The acquisition comes as CoinDCX looks to expand globally.

“This principle will continue to guide our actions as we navigate new markets and opportunities. Our expansion strategy begins with the MENA region, capitalising on its mature market and the population’s keen interest in crypto investment,” said Sumit Gupta, co-founder and chief executive officer, CoinDCX.

With the acquisition, CoinDCX said users can expect improved crypto services, access to more tokens, and increased liquidity.

Founded in 2016 and headquartered in Dubai, the BitOasis platform is available in 15 countries across the region.

It claims to have processed over $6 billion in trading volumes and has raised more than $40 million in funding from investors such as Wamda Capital, Jump Capital, Pantera Capital, and Global Founders Capital.

Founded in 2018, CoinDCX has raised over $240 million in funding to date, according to data from market intelligence platform Tracxn.

The company is one of the earliest crypto exchanges in India to register with the Financial Intelligence Unit-India (FIU-IND).