India’s crypto exchange CoinDCX has acquired Dubai-based digital asset trading platform BitOasis, signaling its entry into global markets. BitOasis CEO Ola Doudin officially announced the acquisition on July 3.
As per the announcement, this merger unites two major contenders in the digital currency space, as CoinDCX’s 15 million user base in India aligns with BitOasis’s well-established footprint across 15 nations in the MENA region. This step follows CoinDCX’s strategic investment in BitOasis made in August 2023.
BitOasis, established in 2016, has facilitated transactions exceeding $6 billion and secured funding exceeding $40 million. With support for over 60 tokens, users can trade using various fiat currencies like AED, SAR, and USD. Following the acquisition, BitOasis is set to maintain its unique brand identity and key leadership personnel.
CoinDCX market position and contributions
Meanwhile, CoinDCX, founded in 2018, has emerged as the favored crypto exchange in India. It grants entry to a vast array of over 500 cryptocurrencies and has overseen an average quarterly trading volume surpassing $840 million by 2024. The firm has played a key role in driving crypto adoption across India through its user-friendly interface.
However, with both companies contributing their strengths, users can anticipate improved services, a wider range of tokens, greater market liquidity, and enhanced trading choices.
One of the founders of CoinDCX, Sumit Gupta, discussed the company’s aspirations on a global scale, beginning with plans for expansion into the MENA region. He said:
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.
