CoinDCX Acquires BitOasis: Expanding Crypto Reach in MENA

Dubai, Jul 3 (PTI) India's crypto exchange CoinDCX has announced the acquisition of BitOasis, the Middle East and North Africa's leading virtual assets trading platform boasting the highest trading volume in Emirati Dirhams.

CoinDCX had previously made a strategic investment in BitOasis in August 2023.

Combined with the company's newly acquired licence in Bahrain and the recent reopening of its platform in Dubai, the acquisition will further expand BitOasis presence across the MENA (Middle East and North Africa) region.

Established in 2018, CoinDCX boasts a robust user base of over 15 million. Offering access to over 500-plus crypto assets and facilitating average quarterly trading volumes exceeding USD 840 million in spot in 2024, CoinDCX has been instrumental in driving crypto adoption across India.

CoinDCX is the first virtual assets exchange in India to have registered with the FIU IND, upholding transparency through stringent KYC norms.

Sumit Gupta, Co-Founder of CoinDCX, said the company aims to become the go-to trading platform for crypto worldwide.

"Our expansion strategy begins with the MENA region, capitalizing on its mature market and the population's keen interest in crypto investment," he said.

Founded in 2016 by Ola Doudin, Tarek Kaylani and Daniel Robenek, BitOasis has emerged as the go-to platform for retail, institutional and high-net-worth 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.

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. 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."

Doudin 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 overall enhanced user experience.