Dubai, UAE – July 03, 2024 – BitOasis, the Middle East and North Africa’s (MENA) leading virtual assets trading platform, proudly announces its acquisition by CoinDCX, India’s largest crypto exchange. This historic deal follows a strategic investment by CoinDCX in BitOasis in August 2023 and marks a transformative moment for the MENA crypto market.
Expanding Presence and Capabilities
The acquisition will enable BitOasis to strengthen and expand its presence across the MENA region. The company recently acquired a license in the Kingdom of Bahrain and reopened its platform in Dubai, further cementing its position as a leading player in the regional virtual assets ecosystem. Despite the acquisition, BitOasis’ brand and leadership team will remain unchanged, ensuring seamless synergy and collaboration between the two organizations.
Commitment to Regulatory Compliance
Founded in 2016 by Ola Doudin, Tarek Kaylani, and Daniel Robenek, BitOasis has become the go-to platform for retail, institutional, and high-net-worth individuals across the GCC and broader MENA region. The platform supports the buying, selling, and holding of over 60 tokens with fiat currencies such as AED, SAR, and USD. Since its inception, BitOasis has processed over $6 billion in trading volume and raised more than $40 million in funding from leading regional and global investors.
Ola Doudin, Co-Founder and CEO of BitOasis, stated, “CoinDCX’s acquisition marks an exciting new chapter for BitOasis, one that propels us forward on a much stronger ground. Trust and regulatory compliance have been key pillars 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.”
Enhancing User Experience
Doudin further added, “We are committed to delivering exceptional services, and this acquisition will enable further growth. Users can expect a broader product portfolio, enhanced crypto services, broader access to an expanded range of tokens, increased liquidity, improved trading options, and an overall enhanced user experience.”
CoinDCX: Driving Crypto Adoption in India and Beyond
Established in 2018, CoinDCX is India’s most preferred crypto exchange, boasting a robust user base of over 15 million. The platform offers access to over 500 crypto assets and facilitates average quarterly trading volumes exceeding USD 840 million in 2024. CoinDCX has played a crucial role in driving crypto adoption across India, providing an intuitive and user-friendly interface that simplifies the investing experience for users of all levels of expertise.
Sumit Gupta, Co-Founder of CoinDCX, expressed his excitement about the acquisition, stating, “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. Investor protection has been paramount, and we have distinguished ourselves in India with unwavering compliance. 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.”
Strategic Alignment and Future Prospects
Gupta explained why BitOasis’ acquisition aligns perfectly with CoinDCX’s principles, saying, “BitOasis was the first platform to register with the UAE Financial Intelligence Unit in 2021 and has maintained strong, constructive, and proactive relationships with regulators across the region since its launch. BitOasis’s licenses 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.”
About BitOasis
Headquartered in Dubai, BitOasis is the largest and most trusted regional cryptocurrency trading platform in the Middle East and North Africa. Since its launch in 2016, BitOasis has processed more than $6 billion in trading volume and raised over $40 million from leading regional and global investors, including CoinDCX, Wamda Capital, Jump Capital, Pantera Capital, and Global Founders Capital. The platform provides investors a safe and secure way to buy, hold, and sell 60+ cryptocurrencies across 15 countries in the region.
About CoinDCX
Established in 2018, CoinDCX is India’s preferred crypto exchange, trusted by over 15 million registered users. The platform aims to democratize investments in virtual digital assets, prioritizing user safety and security while adhering strictly to KYC and AML guidelines. CoinDCX’s Web3 arm, Okto Chain, is advancing chain abstraction through a fully expressive orchestration layer. Additionally, CoinDCX Ventures has invested in over 15 innovative Web3 projects, reinforcing the company’s dedication to the Web3 ecosystem. CoinDCX’s flagship educational initiative, #NamasteWeb3, empowers Indians with crypto knowledge, preparing them for the future of virtual digital assets. Global investors such as Pantera, Steadview Capital, Kingsway, Polychain Capital, B Capital Group, Bain Capital Ventures, Cadenza, Draper Dragon, Republic, Kindred, and Coinbase Ventures have shown confidence in CoinDCX’s vision and potential.
“At CoinDCX, we are leading India towards the decentralized future of Web3 with an unwavering commitment to safety, simplicity, and education,” Gupta concluded.
