India’s CoinDCX acquires Dubai’s BitOasis, marking its first step into the MENA region and international expansion.
In an effort to expand its presence in the Middle East and North Africa region, CoinDCX, the largest cryptocurrency exchange in India, has acquired BitOasis, a cryptocurrency exchange situated in Dubai.
This represents the cryptocurrency exchange’s initial phase in its international expansion plans. CoinDCX previously invested in BitOasis on a strategic level in August of past year.
According to a press release issued on July 3, BitOasis, a prominent virtual asset trading platform, has been acquired by the crypto exchange CoinDCX.
The brand and leadership team of BitOasis will remain unaltered as the companies conduct groundbreaking transactions in the MENA region.
The acquisition has further strengthened BitOasis’s position in the region, following the recent license in Bahrain and the reopening of its platform in Dubai. The companies will monetize the mature market and the public’s interest in crypto investment.
Users have been able to trade over 60 tokens with fiat currencies, including AED, SAR, and USD, and the company has recorded a trading volume of over $6 billion since its inception.
“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.” Sumit Gupta, Co-Founder of CoinDCX
In August 2023, CoinDCX had previously disclosed its strategic investment in BitOasis, suggesting that the company was poised for success and intended to expand into international markets as an outcome of its success in India.
According to Ola Doudin, CEO of BitOasis, the acquisition constitutes an exciting new chapter for both organizations, as they are united by a shared commitment to their consumers.
CoinDCX aims to foster innovation and development in the cryptocurrency industry by establishing a thriving and inclusive Web3 ecosystem.
Among the main crypto companies that have expressed apprehension regarding the Indian government’s 30% tax on crypto asset gains is CoinDCX.
However, the crypto industry in India anticipated some relief this year; however, the country’s stringent regulatory stance has been maintained as a result of the election year’s lack of a complete budget.
