Cryptocurrency exchange CoinDCX has acquired BitOasis, the Middle East and North Africa's virtual assets trading platform.
CoinDCX had previously made a strategic investment in BitOasis in August 2023. The company did not disclose the value of acquisition.
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 enable BitOasis to strengthen and expand its presence across the MENA region.
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“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, capitalising on its mature market and the population's keen interest in crypto investment," said Sumit Gupta, co-founder of CoinDCX.
Founded in 2016 by Ola Doudin, Tarek Kaylani and Daniel Robenek, BitOasis is a 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 in funding from regional and global investors.
BitOasis' brand and leadership team will remain unchanged following the acquisition, fostering synergy and collaboration between both organisations.
“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," said Ola Doudin, co-founder and chief executive officer of BitOasis.
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