India’s Largest Crypto Exchange CoinDCX Acquires MENA Region’s Crypto Leader BitOasis

India’s Largest Crypto Exchange CoinDCX Acquires
MENA Region’s Crypto Leader BitOasis

• MENA Market Entry: CoinDCX’s entry into the MENA market represents the first step in its international expansion plan, reflecting the company’s global ambition and unlocking new growth opportunities 

• Regulatory Milestones: BitOasis has recently secured a new licence from the Central Bank of Bahrain (CBB), further solidifying its presence in the region. BitOasis may operate as a broker-dealer in accordance with the permissions granted to it under its VARA issued MVP Operational Licence.

• Enhanced User Experience: Users can expect enhanced crypto services, access to more tokens, increased liquidity, and improved trading experience.

Dubai, July 3.2024 – CoinDCX, the largest crypto exchange in India, proudly announces 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. 

The two market leaders joining forces marks a first-of-its-kind, transformative deal in the MENA region. Combined with the company’s newly acquired licence in the Kingdom of Bahrain and the recent reopening of its platform in Dubai, the acquisition will further empower BitOasis to strengthen and expand its presence across the MENA region as a leading player in the virtual assets ecosystem, licensed and regulated in multiple markets.

Established in 2018, CoinDCX is the most preferred exchange in India, boasting a robust user base of over 15 million. Offering access to over 500+ 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. Through its intuitive and user-friendly interface, CoinDCX has simplified the investing experience, making it accessible to users of all levels of expertise. It is the first virtual assets exchange in India to register with the FIU IND, upholding transparency through stringent KYC norms.

Sumit Gupta, Co-Founder of CoinDCX, said, “Building on six years of success and supporting more than 15 million Indians in their crypto journey, CoinDCX aims to become the go-to trading platform for crypto worldwide. 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. Our expansion strategy begins with the MENA region, capitalizing on its mature market and the population’s keen interest in crypto investment.”

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. Since its inception, the company has processed over $6 billion in trading volume and raised more than $40 million dollars in funding from leading regional and global investors. 

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. We take pride in our recent regulatory milestones, being amongst the first companies to register and become a reporting entity to FIU, the reinstatement of our MVP Operational license under VARA, and securing a license from the Central Bank of Bahrain, reinforcing our regional presence.” 

In addition, Ola stated: “We are committed to delivering exceptional services, and this acquisition will enable further growth. 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.” 

Explaining why BitOasis’ acquisition aligns perfectly with CoinDCX’s principle, Sumit further adds “BitOasis was the first platform to register with the UAE Financial Intelligence Unit in 2021 and the company has maintained strong, constructive, and proactive relationships with regulators across the region since its launch. BitOasis’ licences in Bahrain and the UAE reflect its longstanding and uncompromising commitment to operating within established regulatory frameworks. Joining forces with BitOasis, a platform available in 15 countries across the region, aligns perfectly with our vision. 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.” Sumit further adds that BitOasis’ brand and leadership team will remain unchanged following the acquisition, fostering seamless synergy and collaboration between both organizations.

About CoinDCX

Established in 2018, CoinDCX is the preferred crypto exchange in India, trusted by over 15 million registered users. Our mission is simple: to provide easy access to Web3 experiences and democratize investments in virtual digital assets. We prioritize user safety and security, strictly adhering to KYC and AML guidelines.  

CoinDCX’s Web3 arm Okto Chain is leveling up chain abstraction by building a fully expressive orchestration layer.

Through CoinDCX Ventures, we have invested in over 15 innovative Web3 projects, reinforcing our dedication to the Web3 ecosystem. Our flagship educational initiative, #NamasteWeb3 empowers Indians with crypto knowledge, preparing them for the future of virtual digital assets. CoinDCX’s vision and potential have gained the confidence of global investors, including Pantera, Steadview Capital, Kingsway, Polychain Capital, B Capital Group, Bain Capital Ventures, Cadenza, Draper Dragon, Republic, Kindred and Coinbase Ventures.

At CoinDCX, we are leading India towards the decentralized future of Web3 with an unwavering commitment to safety, simplicity, and education.

About BitOasis

Headquartered in Dubai, BitOasis is the largest and most trusted regional cryptocurrency trading platform in the Middle East and North Africa. Established in 2016, BitOasis is a leader of the region’s cryptocurrency ecosystem, serving as the go-to platform for first-time cryptocurrency buyers and professional traders alike. Available in 15 countries across the region, the platform provides investors a safe and secure way to buy, hold and sell 60+ cryptocurrencies. Since its launch, BitOasis has processed more than $6 billion in trading volume and raised more than $40 million dollars in funding from leading regional and global investors, such as CoinDCX, Wamda Capital, Jump Capital, Pantera Capital, and Global Founders Capital.