Indian cryptocurrency exchange CoinDCX has made a significant move by acquiring BitOasis, a trading platform based in the Middle East and North Africa (MENA) region. This acquisition marks CoinDCX’s first international expansion, allowing them to tap into new markets beyond India.
CoinDCX, known for its large user base of over 15 million users and substantial quarterly trading volumes, saw the potential in BitOasis, especially after the latter secured a license to operate in Bahrain as a broker-dealer. With existing licenses in the United Arab Emirates, BitOasis is well-positioned to facilitate CoinDCX’s entry and growth in the MENA region.
The decision to acquire BitOasis also aligns with CoinDCX’s strategic investment in the company back in August. This latest move not only strengthens CoinDCX’s presence internationally but also provides financial support for BitOasis’ expansion plans across the region.
According to reports, BitOasis has handled a total trading volume of $6 billion since its establishment in 2016, averaging about $188 million in quarterly trading over eight years. This solid track record, combined with CoinDCX’s expertise and resources, sets a strong foundation for their collaborative growth in the MENA market.
In a statement, CoinDCX co-founder Sumit Gupta highlighted the MENA region’s mature market and growing interest in cryptocurrency investments as key factors driving their expansion strategy. By leveraging the existing infrastructure and market opportunities in MENA, CoinDCX aims to capitalize on the region’s potential for crypto adoption and trading.
While the financial details of the acquisition were not disclosed, the partnership between CoinDCX and BitOasis signifies a promising collaboration that could reshape the crypto landscape in the Middle East and North Africa. As both platforms bring their strengths and expertise to the table, users and investors can expect new opportunities and enhanced services in the evolving crypto market.
Overall, CoinDCX’s acquisition of BitOasis represents a strategic move to expand its reach beyond India and tap into the growing crypto market in the MENA region. With a focus on leveraging local market insights and expertise, this partnership sets the stage for mutual growth and innovation in the global cryptocurrency industry.