India’s crypto exchange CoinDCX has fully acquired Dubai-based virtual assets trading platform BitOasis and plans to expand to new markets.
The Indian firm had previously made a strategic investment in BitOasis in August 2023.
Established in 2018, CoinDCX has a user base of over 15 million, offering access to over 500 crypto assets and facilitating average quarterly trading volumes exceeding $840 million in a spot in 2024.
The two companies, however, refused to disclose the acquisition value on Wednesday.
Sumit Gupta, co-founder of CoinDCX, said BitOasis’ brand and leadership team will remain unchanged following the acquisition, fostering seamless synergy and collaboration between both organisations.
“Our expansion strategy begins with the Mena region, capitalising on its mature market and the population’s keen interest in crypto investment. 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,” said Gupta.
Competition in the crypto domain has been accelerating with the launches of new players and the entry of foreign firms. Revenue in the UAE’s crypto sector is expected to grow by 7.89 per cent annually to reach $395.8 million by 2028, up from $292.1 million this year, Bitpanda said, quoting Statista.
With a 10 per cent rate in the Middle East, crypto adoption is low but recent data indicates this trend won’t persist. According to Bitget Research, the average daily number of crypto traders in the region exceeded 500,000 in February, reflecting a 51 per cent year-over-year growth from 2023. During this period, the UAE elevated regional growth by leading crypto adoption per capita with a 68 per cent year-on-year rise in daily traders.
Ola Doudin, co-founder and CEO of BitOasis, said this acquisition will enable further growth and users can expect a broader product portfolio, enhanced crypto services offering, broader access to an expanded range of tokens and increased liquidity.
“CoinDCX’s acquisition marks an exciting new chapter for BitOasis, one that propels us forward on a much stronger ground. We were among the first companies to register and become a reporting entity to FIU (Financial Intelligence Unit – India), the reinstatement of our MVP Operational licence under Vara, and securing a licence from the Central Bank of Bahrain, reinforcing our regional presence,” said Doudin.
Source: www.khaleejtimes.com