India's largest crypto exchange CoinDCX acquired the Dubai-headquartered digital asset trading platform BitOasis as the first step in its international expansion plans.
The acquisition follows CoinDCX's strategic investment in BitOasis in August 2023. It aims to offer users access to a broader range of crypto assets, increased liquidity and an improved trading experience, according to a statement shared with The Block. The company did not disclose the value of the deal.
BitOasis secured a license from the Central Bank of Bahrain in June, expanding its footprint in the Middle East and North Africa region having previously received an MVP Operational Licence from Dubai's Virtual Asset Regulatory Authority last year.
“CoinDCX aims to become the go-to trading platform for crypto worldwide,” CoinDCX co-founder Sumit Gupta said. “Our expansion strategy begins with the MENA region, capitalizing on its mature market and the population's keen interest in crypto investment. Joining forces with BitOasis, a platform available in 15 countries across the region, aligns perfectly with our vision.”
BitOasis' brand and leadership team to remain unchanged
Gupta added that BitOasis' brand and leadership team will remain unchanged following the acquisition.
“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,” BitOasis co-founder and CEO Ola Doudin said.
Established in 2018, CoinDCX claims to have a user base of more than 15 million customers, generating average quarterly trading volumes of $840 million. It is backed by investors such as Pantera Capital, Polychain Capital, Bain Capital Ventures and Coinbase Ventures.
BitOasis, founded two years earlier in 2016, claims to have processed over $6 billion in trading volume since its inception, raising more than $40 million in funding from investors including Jump Capital and Pantera Capital.