CoinDCX Acquires UAE-Based BitOasis Exchange to Expand in MENA Region

CoinDCX on Wednesday introduced that it has acquired BitOasis, a UAE-based crypto buying and selling platform. With this acquisition, CoinDCX claims it has taken its first step in increasing its crypto enterprise within the Center East and North Africa (MENA) area. CoinDCX first engaged with BitOasis final yr when it invested an undisclosed quantity of funding within the UAE-based firm. BitOasis has not too long ago obtained a licence within the Kingdom of Bahrain and already has operational expertise in Dubai, making the acquisition BitOasis promising for development, in response to CoinDCX.

Sumit Gupta, the co-founder of CoinDCX has emphasised that having performed its enterprise in India for the final six years, it is able to take a compliance-first strategy in conducting its operations throughout the MENA area. In India, CoinDCX has registered with the Monetary Intelligence Unit (FIU), making it a legally compliant crypto entity within the nation.

CoinDCX and BitOasis are but to reveal the monetary worth of the takeover deal.

“Investor safety has been paramount, and we now have distinguished ourselves in India with unwavering compliance. We’re dedicated to upholding the identical requirements wherever we function. Our enlargement technique begins with the MENA area, capitalising on its mature market and the inhabitants’s eager curiosity in crypto funding,” Gupta stated in a ready assertion. He additionally printed a thread on X (previously Twitter) explaining extra particulars of the acquisition.

BitOasis’ significance within the MENA area

BitOasis was based in 2016. The platform has allowed retail, institutional, and excessive web price particular person crypto traders to commerce in over 60 cryptocurrencies.

CoinDCX says that BitOasis has processed over $6 billion (roughly Rs. XXX crore)in buying and selling quantity and raised greater than $40 million (roughly Rs. 50,077crore) in funding from a number of traders since being operational. It additionally added that BitOasis was the primary crypto platform to register with the UAE Monetary Intelligence Unit again in 2021.

Commenting on its acquisition by CoinDCX, BitOasis’ co-founder and CEO Ola Doudin stated, “This acquisition will allow additional development. Customers can anticipate a broader product portfolio, enhanced crypto companies providing, broader entry to an expanded vary of tokens, elevated liquidity, improved buying and selling choices, and an total enhanced person expertise.”