CoinDCX acquires Dubai-based virtual assets trading platform BitOasis

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Crypto exchange CoinDCX has announced the acquisition of BitOasis, a virtual assets trading platform in the Middle East and North Africa (MENA) region. According to CoinDCX, BitOasis has the highest trading volume in Emirati dirhams. CoinDCX had previously invested in BitOasis in August 2023.

“The UAE is progressive when it comes to regulations, and that is also a strength of the market there. Many global companies are setting up their base in the region. Any country with clear regulations automatically attracts talent. As part of our global expansion plan, we wanted to start with UAE and MENA as a market. This is a good base for us to expand into countries within the region, starting with the GCC,” Sumit Gupta, Co-Founder of CoinDCX, told businessline.

Combined with BitOasis’s newly acquired licence in the Kingdom of Bahrain and the recent reopening of its platform in Dubai, the acquisition will enable it 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, according to CoinDCX.

Gupta added, “This acquisition will have a material impact on CoinDCX. BitOasis is also a profitable entity, so capital-wise, we are well-funded. Bidders will also get a lot of capital as part of this acquisition and it will add in terms of volumes, and in terms of revenues at the group level.

“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, capitalising on its mature market and the population’s keen interest in crypto investment.”

Dubai-based BitOasis is a platform for retail, institutional, and high-net-worth individuals across the GCC and the broader MENA region to buy, sell, and hold over 60 tokens with fiat currencies such as AED, SAR, and USD. Since its inception, the company says, it has 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, in a statement said, “CoinDCX’s acquisition marks a new chapter for us. Since the start, trust and regulatory compliance have been a key pillar in our mission to drive crypto adoption across MENA. This is a common pillar we share with CoinDCX along with our commitment to customer-centricity that has been equally vital for sustainable success. We are proud of our recent regulatory milestones, being one the first companies to register and become a reporting entity to FIU, the reinstatement of our MVP Operational licence under VARA, and securing a licence from the Central Bank of Bahrain, reinforcing our regional presence.”

Gupta further said, “BitOasis was the first platform to register with the UAE Financial Intelligence Unit in 2021. Its licences in Bahrain and the UAE reflect its commitment to operating within established regulatory frameworks. Joining forces with BitOasis, a platform available in 15 countries MENA, 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.”

The co-founder of the Indian crypto exchange also mentioned plans to look at other regions with growing crypto activity. “Along with countries like Turkey, regions like Southeast Asia have progressive regulations. Singapore had clarity long ago, and Europe is a quickly growing market. While we are evaluating these regions, we are more focused on finding the right company to partner with.’

Established in 2018, CoinDCX has a base of over 15 million registered users. Offering access to over 500+ crypto assets, the trading platform says it facilitates, on average, quarterly trading volumes exceeding $840 million in a spot in 2024. The company is currently valued at $2.15 billion and is backed by Bain Capital, Coinbase Ventures, and Polychain Capital, among others.