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BitOasis acquired by India’s CoinDCX in MENA expansion attempt

With the highest trading volume in Emirati Dirhams, BitOasis is the top virtual asset trading platform in the Middle East and North Africa. Its acquisition by CoinDCX, the largest cryptocurrency exchange in India, is proudly announced. August 2023 saw CoinDCX make a strategic investment in BitOasis.

In the MENA region, the two industry leaders’ partnership represents a groundbreaking agreement of a new kind. The acquisition will further enable BitOasis to strengthen and expand its presence throughout the MENA region as a leading player in the virtual assets ecosystem, licensed and regulated in multiple markets, especially in light of the company’s recently obtained license in the Kingdom of Bahrain and the recent reopening of its platform in Dubai.

With more than 15 million users, CoinDCX, which was founded in 2018, is the most popular exchange in India. CoinDCX has played a significant role in promoting the adoption of cryptocurrencies in India by providing access to more than 500 crypto assets and enabling average quarterly trading volumes that will surpass $840 million by 2024. CoinDCX has made investing more accessible to users of all skill levels by streamlining the process through an intuitive and user-friendly interface. Upholding transparency through strict KYC norms, it is the first virtual asset exchange in India to register with the FIU IND.

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. 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. This principle will continue to guide our actions as we navigate 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.”

BitOasis, which was founded in 2016 by Ola Doudin, Tarek Kaylani, and Daniel Robenek, has become the preferred platform for retail, institutional, and high-net-worth individuals in the GCC and the larger MENA region to purchase, trade, and retain more than 60 tokens using fiat currencies like AED, SAR, and USD. Leading local and international investors have contributed more than $40 million to the company’s funding since its founding, and it has processed over $6 billion in trading volume.

Explaining why BitOasis’ acquisition aligns perfectly with CoinDCX’s principle, Sumit further adds “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. Joining forces with BitOasis, a platform available in 15 countries across the region, aligns perfectly with our vision. Last year, we strategically invested in BitOasis to bolster its regional presence. Now, with this acquisition, we’re poised to establish an even more formidable foothold across the MENA region, catering to a diverse range of retail and institutional clients.”

 

 

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