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Indian Crypto Exchange CoinDCX Acquires BitOasis to Enter Middle East
BitOasis recently won a license to operate as a broker-dealer in Bahrain and is also licensed in its native UAE.
Updated Jul 3, 2024, 3:10 p.m. Published Jul 3, 2024, 10:30 a.m.
- CoinDCX is among the most prominent crypto exchanges in India, boasting a user base of over 15 million.
- The purchase marks its entry into the Middle East and North Africa region.
Indian cryptocurrency exchange CoinDCX bought fellow trading platform BitOasis for an undisclosed amount, marking its entry into the Middle East and North Africa (MENA) and its first international expansion.
The purchase follows BitOasis winning a license to operate as a broker-dealer in Bahrain. The Dubai-based company is also licensed in its native United Arab Emirates. The acquisition will also help fund BitOasis' expansion across the region, according to a Wednesday blog post.
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CoinDCX, which previously invested in BitOasis in August, is among the most prominent crypto exchanges in India, boasting a user base of over 15 million and quarterly spot trading volumes of more than $840 million. A report by CoinGecko around a year ago ranked CoinDCX as the country's third-largest crypto exchange, with a 6.6% market share, behind Bitbns and WazirX at 79% and 11%, respectively.
BitOasis has processed total trading volume of $6 billion since its creation in 2016, according to the announcement. That works out at about $188 million a quarter over eight years.
"Our expansion strategy begins with the MENA region, capitalizing on its mature market and the population's keen interest in crypto investment," CoinDCX co-founder Sumit Gupta said.
CoinDCX declined to provide financial terms when contacted by CoinDesk.
Read More: India Springs Election Surprise, Sends Equity Market Crashing With Uncertain Implications for Crypto
UPDATE (July 3, 15:10 UTC): Adds additional detail and context on CoinDCX and BitOasis throughout.
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