India's largest crypto exchange CoinDCX acquires UAE's BitOasis
CoinDCX's entry into MENA market is first step in its international expansion plan
Dubai: India's largest crypto exchange, CoinDCX, announced on Wednesday its acquisition of Dubai-based BitOasis, a leading virtual assets trading platform in the region. BitOasis, known for having the highest trading volume in Emirati dirhams, received a strategic investment from CoinDCX in August 2023. The financial details of the acquisition were not disclosed.
CoinDCX Co-Founder Sumit Gupta said BitOasis' brand and leadership team will remain unchanged following the acquisition.
BitOasis recently secured an operational licence in Bahrain just two months after Dubai regulators lifted a suspension on its activities.
Founded in 2016 by Ola Doudin, Tarek Kaylani, and Daniel Robenek, BitOasis is a platform for retail, institutional, and high-net-worth individuals across the region to buy, sell, and hold over 60 tokens with fiat currencies such as AED, SAR, and USD. Since inception, the company has processed over $6 billion in trading volume and raised more than $40 million in funding from regional and global investors.
Ola Doudin, Co-Founder & CEO of BitOasis, said, "CoinDCX's acquisition marks an exciting new chapter for BitOasis, one that propels us forward on a much stronger ground."
She said, "We take pride in our recent regulatory milestones, being amongst the first companies to register and become a reporting entity to FIU, the reinstatement of our MVP Operational license under VARA, and securing a license from the Central Bank of Bahrain, reinforcing our regional presence."
Ola said, "We are committed to delivering exceptional services, and this acquisition will enable further growth." She also said that 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 enhanced user experience.
Established in 2018, CoinDCX has a user base of over 15 million, offers access to over 500 crypto assets, and facilitates average quarterly trading volumes exceeding $840 million in spot in 2024.
Gupta said, "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."
Gupta assured that the company's principles will continue to guide its actions in new markets and opportunities. "Our expansion strategy begins with the MENA region, capitalizing on its mature market and the population's keen interest in crypto investment," explained Gupta.
Sumit also said, "BitOasis was the first platform to register with the UAE Financial Intelligence Unit in 2021, and the company has maintained strong, constructive, and proactive relationships with regulators across the region since its launch. BitOasis' licences in Bahrain and the UAE reflect its longstanding and uncompromising commitment to operating within established regulatory frameworks."