Indian Cryptocurrency Exchange CoinDCX acquires Dubai based BitOasis
CoinDCX, India’s leading cryptocurrency exchange, announced on Wednesday its acquisition of BitOasis, the first and largest regional digital asset platform in the Middle East and North Africa. The two companies didn’t disclose the financial details of the acquisition.
The BitOasis team is joining CoinDCX, according to CoinDCX Co-Founder Sumit Gupta, and the original leadership will continue to oversee the exchange, which facilitates trading in over 60 tokens. BitOasis will continue to use the same branding and will not change as a result of the acquisition.
📢@CoinDCX acquires MENA region's leading virtual assets trading platform @bitoasis
— CoinDCX: India's Safest Crypto Platform (@CoinDCX) July 3, 2024
Join us to celebrate a significant step towards our vision of global expansion and creating a more accessible and secure crypto experience for users. #WAGMI💪 pic.twitter.com/iMoffAjqcZ
"Investor protection has always been our top priority, and we have set ourselves apart in India with unwavering compliance," Gupta stated. No matter where we operate, we are committed to maintaining the same standards."
"We are starting our expansion strategy in the MENA region, taking advantage of its developed market and the people's keen interest in investing in cryptocurrency." Gupta gave his word that the company's values will still guide its operations as it enters new markets and seizes opportunities, he explained.
Founded in 2018, CoinDCX boasts a user base of more than 15 million, provides access to more than 500 cryptocurrency assets, and enables average quarterly trading volumes that will surpass $840 million by 2024.
BitOasis was the first platform to register with the UAE Financial Intelligence Unit in 2021, and the company's licenses to operate in Bahrain and the United Arab Emirates attest to its unwavering and long-standing commitment to adhering to established regulatory frameworks," according to Gupta.
The acquisition of CoinDCX, according to BitOasis CEO and co-founder Ola Doudin, "marks an exciting new chapter for BitOasis, one that propels us forward on a much stronger ground."
"We are proud of our recent regulatory achievements," she stated. "We were among the first businesses to register with the FBI and become a reporting entity. We also secured a license from the Central Bank of Bahrain, enhancing our regional presence." Finally, we were able to reinstate our MVP operational license under VARA.
As per her statement, users in the region can expect enhanced trading options, increased token availability, excellent crypto services, an expanded product line, and an overall better user experience. Ola stated, "We are committed to providing outstanding services, and this acquisition will allow for further growth."
In 2016, Ola Doudin, Tarek Kaylani, and Daniel Robenek founded BitOasis. It enables high-net-worth individuals, institutions, and retailers in the region to purchase, trade, and hold more than 60 tokens using fiat currencies like USD, AED, and SAR. BitOasis has handled over $6 billion in trading volume since its founding and has attracted over $40 million in capital from domestic and international investors.
In August 2023, Dubai-based BitOasis received a strategic investment from CoinDCX. However, the financial details of the acquisition were not disclosed.
Leading cryptocurrency companies in India are now forced to find alternative means of maintaining their growth due to the regulatory environment and a downturn in the overall market. The expansion takes place in the midst of an extended period of regulatory hostility towards cryptocurrencies in India, where the central bank of the country continues to exert pressure on other lenders to avoid doing business with cryptocurrency firms.
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