India’s largest cryptocurrency exchange, CoinDCX, has acquired Dubai-headquartered digital asset trading platform BitOasis, marking the first step in its international expansion plans.
This takover follows CoinDCX’s strategic investment in BitOasis in August 2023. The deal, whose value has not been disclosed, offers users access to a broader range of crypto assets, increased liquidity, and an improved trading experience.
CoinDCX, which operates an aggregator of cryptocurrency trading services, claims to have versatile financial instruments and deep order books targeting a variety of trading use-cases.
BitOasis recently secured a license from the Central Bank of Bahrain in June, expanding its presence in the Middle East and North Africa (MENA) region. This follows the MVP Operational License it received from Dubai’s Virtual Asset Regulatory Authority last year.
“CoinDCX aims to become the go-to trading platform for crypto worldwide,” said CoinDCX co-founder Sumit Gupta. “Our expansion strategy begins with the MENA region, capitalizing on its mature market and the population’s keen interest in crypto investment. Joining forces with BitOasis, a platform available in 15 countries across the region, aligns perfectly with our vision.”
Following the acquisition, BitOasis will maintain its brand and leadership team. “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,” said BitOasis co-founder and CEO Ola Doudin.
Established in 2018, CoinDCX has over 15 million customers and generates average quarterly trading volumes of $840 million. The company is backed by investors such as Pantera Capital, Polychain Capital, Bain Capital Ventures, and Coinbase Ventures.
Founded in 2016, BitOasis has processed over $6 billion in trading volume and raised more than $40 million from investors, including Jump Capital and Pantera Capital.
In May 2023, BitOasis received the first of Dubai’s “minimum viable product operational licenses” from VARA. This license permitted it to provide broker-dealer services to qualified institutional and retail investors in Dubai. However, this operational license was just one step in a multi-step process, with the final milestone being the issuance of a full market product (FMP) license.
CoinDCX and other Indian are betting on global markets after most of their peers shut down operations after banks cut off access to local crypto exchanges. Those trying to survive the uncertain phase are exploring options, including crypto-to-crypto, P2P, and derivatives products.
