Mubasher: CoinDCX, the largest crypto exchange in India, has acquired Dubai-based virtual assets trading platform BitOasis, for an undisclosed value, according to a press release.
CoinDCX previously invested in BitOasis during August 2023 and the two market leaders joined forces to expand their presence across the MENA.
The acquisition will further empower BitOasis to boost its virtual assets ecosystem, licensed and regulated in multiple markets.
Established in 2018, CoinDCX offers access to more than 500 crypto assets and facilitates average quarterly trading volumes exceeding $840 million in 2024.
Sumit Gupta, Co-Founder of CoinDCX, said: “Building on six years of success and supporting more than 15 million Indians in their crypto journey, CoinDCX aims to become the go-to trading platform for crypto worldwide.”
“We are committed to upholding the same standards wherever we operate. This principle will continue to guide our actions as we navigate new markets and opportunities,” Gupta added.
He noted: “Our expansion strategy begins with the MENA region, capitalising on its mature market and the population's keen interest in crypto investment.”
Founded in 2016 by Ola Doudin, Tarek Kaylani, and Daniel Robenek, BitOasis has emerged as the go-to platform for retail across the GCC and the broader MENA region.
The company processed over $6 billion in trading volume and raised more than $40 million in funding from leading regional and global investors.
Ola Doudin, Co-Founder and CEO of BitOasis, commented: “We are committed to delivering exceptional services, and this acquisition will enable further growth.”
“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,” Doudin continued.
The CEO noted: “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.”
Bitpanda MENA expected that the revenue in the UAE’s crypto sector would increase by 7.89% year-on-year (YoY) to $395.80 million by 2028.
