Indian crypto exchange expands into MENA with acquisition of BitOasis in UAE

Indian crypto exchange expands into MENA with acquisition of BitOasis in UAE

CoinDCX, India’s cryptocurrency exchange, has acquired UAE based BitOasis, which according to Bloomberg could add $50 million in revenues to Coin DCX as it expands into the MENA region with the acquisition.

Established in 2018, CoinDCX has a user base of over 15 million, offers access to over 500 crypto assets, and facilitates average quarterly trading volumes exceeding $840 million in spot in 2024 while BitOasis established in 2016, holds over 60 tokens with fiat currencies such as AED, SAR, and USD and has processed over $6 billion in trading volume.

Additonally while BitOasis had raised more than $40 million in funding from regional and global investors since it was incepted, In April 2022, CoinDCX raised $135.9 million from investors led by Pantera Capital and Steadview Capital, doubling its valuation to $2.15 billion becoming the most valued crypto trading platform in India.

The two companies announced this in a joint statement. While the firms did not disclose the transaction value, a Reuters piece noted that BitOasis said in a separate statement that CoinDCX, which had already acquired a stake in the business last year, now owns the full share capital of the Dubai-based company.

The Bengaluru-based startup said BitOasis’s team is joining CoinDCX, with the original leadership continuing to manage the exchange. BitOasis will also retain its branding, CoinDCX told TechCrunch.

A CoinDCX spokesperson told TechCrunch that BitOasis investors would receive equity in CoinDCX, adding that the deal was profitable for BitOasis backers.

Ola Doudin, Co-Founder & CEO of BitOasis, said, “CoinDCX’s acquisition marks an exciting new chapter for BitOasis, one that propels us forward on a much stronger ground.” (Gulf News) She also said that 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 enhanced user experience.

CoinDCX Co-Founder Sumit Gupta assured that the company’s principles will continue to guide its actions in 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,” explained Gupta.

CoinDCX launched a decentralized exchange in 2022 and has been aggressively working to expand it.

BitOasis recently secured an operational license in Bahrain just two months after Dubai regulators lifted a suspension on its activities.

India’s largest crypto exchange CoinDCX eyes international expansion starting with MENA

India’s largest crypto exchange CoinDCX eyes international expansion starting with MENA

In a recent CoinDCX blog post, where the founders Sumit Gupta and Neeraj Khandelwal addressed their users, investors and partners, the crypto exchange noted that their strategic investment in UAE based BitOasis crypto exchange was part of their expansion plans.

The six-year-old crypto exchange now one of the largest in India celebrated its anniversary.

While talking of the journey including the ups and downs from crypto market cycles, to regulatory hurdles, the founders noted that two things remained constant, their commitment to empowering Indians with the tools and knowledge they need to thrive in the crypto world, and the love and support of their incredible community.

What started as a crypto exchange in 2018 has evolved into a comprehensive ecosystem, encompassing an exchange, CoinDCX Ventures, the Okto self-custodial wallet, and the Okto SDK that bridges Web2 and Web3.

CoinDCX Ventures has already invested in 15 Web3 startups.

CoinDCX also mentions their strategic investment in UAE homegrown crypto exchange BitOasis. The post noted, “Our recent strategic investment in BitOasis, one of the leading exchanges in the MENA region, will facilitate CoinDCX’s expansion into international markets.” In the image associated with the blog post, it pointed out BitOasis as a “partner exchange”.

In August 2023, UAE based BitOasis crypto broker exchange announced that it had secured an investment from CoinDCX, India’s biggest crypt exchange. The announcement came after BitOasis’s license was deemed non-operational by Dubai’s virtual asset regulatory authority VARA and still stands to date as “non-operational” on VARA’s website.

The Blog post also notes that moving forward CoinDCX anticipates a bull run and expects surge in transactions and volumes. They post notes, “We have a huge responsibility to serve our customers better and introduce products that align with the market’s expectations. Going forward, we will continue empowering the masses by democratizing access to Web3. We promise that the coming year will be as exciting as the years gone by. As we continue to build in Web3, some of those initiatives will be rolled out soon. We are committed to take CoinDCX to the next level.”