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Indian crypto exchange CoinDCX has acquired the Dubai-based BitOasis, a virtual assets trading platform, for an undisclosed amount, in a bid to expand its global footprint.
The move comes less than a year after CoinDCX made an investment in BitOasis, as part of its plan to increase its presence across the MENA region.
With quarterly trading volumes exceeding $840 million in spot in 2024, CoinDCX co-founder Sumit Gupta said the BitOasis acquisition aligned with their MENA growth strategy.
“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,” he said.
Founded in 2016, BitOasis allows for 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 under its minimum viable product (MVP) operational licence provided by watchdog Virtual Assets Regulatory Authority (VARA).
Ola Doudin, co-founder and CEO of BitOasis, said the acquisition would enable further growth for the platform following its newly acquired licence in Bahrain and the recent reopening of its platform in Dubai.
Gupta confirmed the BitOasis’ brand and leadership team will remain unchanged following the acquisition.
(Writing by Bindu Rai, editing by Seban Scaria)
