CoinDCX, the Indian crypto exchange, has solidified its position in the Middle East and North African (MENA) fintech market as it has acquired BitOasis, the virtual assets trading platform which recently acquired a new licence in the Kingdom of Bahrain and reopened its platform in Dubai.
The acquisition will empower BitOasis to strengthen and expand its presence across the region in the virtual assets ecosystem, licensed and regulated in multiple markets. Having registered with the UAE Financial Intelligence Unit in 2021, BitOasis has maintained strong relationships with regulators across the region. Last year, CoinDCX invested in BitOasis as it looked to bolster its presence in MENA. However, by now investing in the firm, the company will have an even stronger foothold in the region.
BitOasis’ brand and leadership team will remain unchanged following the acquisition, fostering seamless synergy and collaboration between both organisations.
Sumit Gupta, co-founder of CoinDCX
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.”
Why the perfect match?
Ola Doudin, co-founder and CEO of BitOasis
Ola Doudin, co-founder and CEO of BitOasis, said, “CoinDCX’s acquisition marks an exciting new chapter for BitOasis, one that propels us forward on a much stronger ground. Since the start of BitOasis, 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 unwavering commitment to customer-centricity that has been equally vital for sustainable success. We take pride in our recent regulatory milestones, being amongst the first companies to register and become a reporting entity to FIU, the reinstatement of our MVP Operational license under VARA, and securing a license from the Central Bank of Bahrain, reinforcing our regional presence.”
Furthering growth
Established in 2018, CoinDCX offers access to over 500+ crypto assets and facilitating average quarterly trading volumes exceeding $840 Million in spot in 2024 to over 15 million users. Through its user-friendly interface, CoinDCX has simplified the investing experience, making it accessible to users of all levels of expertise. It is the first virtual assets exchange in India to register with the FIU IND, upholding transparency through stringent KYC norms.
Founded in 2016 by Ola Doudin, Tarek Kaylani and Daniel Robenek, BitOasis has emerged as a retail, institutional and high-net-worth platform for individuals across the GCC and the broader MENA region. Users can buy, sell and hold over 60 tokens with fiat currencies such as AED, SAR, and USD. Since its inception, the company has processed over $6billion in trading volume. Additionally, it has raised more than $40million dollars in funding from regional and global investors.
In addition, Doudin stated: “We are committed to delivering exceptional services, and this acquisition will enable further growth. 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 overall enhanced user experience.”
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