In a strategic move to expand its international footprint, Indian cryptocurrency exchange CoinDCX announced on Wednesday the acquisition of fellow trading platform BitOasis for an undisclosed amount. This acquisition marks CoinDCX’s entry into the Middle East and North Africa (MENA) region and represents its first venture outside of India.
BitOasis, a Dubai-based company, recently secured a license to operate as a broker-dealer in Bahrain and is already licensed in the United Arab Emirates. The acquisition will provide the necessary funding for BitOasis to further expand across the MENA region, according to a blog post by CoinDCX.
CoinDCX, one of India’s leading crypto exchanges, boasts a user base exceeding 15 million and quarterly spot trading volumes surpassing $840 million. A report by CoinGecko last year ranked CoinDCX as the third-largest crypto exchange in India, holding a 6.6% market share. Bitbns and WazirX, with market shares of 79% and 11% respectively, are the top two exchanges in the country.
Since its inception in 2016, BitOasis has processed total trading volumes of $6 billion, averaging about $188 million per quarter over the past eight years. This acquisition by CoinDCX is expected to significantly bolster BitOasis’ growth and operations in the MENA region.
“Our expansion strategy begins with the MENA region, capitalizing on its mature market and the population’s keen interest in crypto investment,” stated Sumit Gupta, co-founder of CoinDCX. This strategic move aims to leverage the growing interest in cryptocurrency investments within the MENA region, which has shown a rapid adoption of digital assets.
The acquisition of BitOasis not only signifies CoinDCX’s commitment to growth and expansion but also highlights the increasing importance of the MENA region in the global cryptocurrency landscape. The partnership is poised to enhance the availability and accessibility of cryptocurrency trading services to a broader audience in the Middle East and North Africa.
As CoinDCX embarks on this new chapter, industry observers will be keenly watching how the acquisition influences the competitive dynamics within the MENA region’s cryptocurrency market and what further steps CoinDCX might take in its international expansion journey.
