Indian cryptocurrency exchange CoinDCX has recently bought crypto exchange BitOasis for an undisclosed amount. This marks CoinDCX’s entry into the Middle East and North Africa (MENA) and its first international expansion.
The CoinDCX Purchase
CoinDCX is one of India’s leading crypto exchanges. It has over 15 million users and quarterly spot trading volumes surpassing $840 million. According to a report by CoinGecko from about a year ago, CoinDCX is the third-largest crypto exchange in India, with a 6.6% market share, trailing behind Bitbns at 79% and WazirX at 11%.
This purchase comes after BitOasis secured a license to operate as a broker-dealer in Bahrain. The Dubai-based company is also licensed in its home country, the United Arab Emirates. According to a Wednesday blog post, the acquisition will also support BitOasis’ regional expansion efforts.
According to the purchase announcement, its establishment in 2016, BitOasis has processed a total trading volume of $6 billion, averaging approximately $188 million per quarter over eight years.
“Our expansion strategy begins with the MENA region, leveraging its mature market and the population’s strong interest in crypto investment,” stated CoinDCX co-founder Sumit Gupta. CoinDCX declined to disclose the financial terms of the acquisition.
As part of the deal, the BitOasis brand and leadership team will remain unchanged following the acquisition. Ola Doudin, Co-Founder & CEO of BitOasis, stated, “CoinDCX’s acquisition marks an exciting new chapter for BitOasis, one that propels us forward on much stronger ground. Since the start of BitOasis, trust and regulatory compliance have been key pillars in our mission to drive crypto adoption across MENA.”
The financial terms of the deal were not disclosed, but a CoinDCX spokesperson told TechCrunch that BitOasis investors would receive equity in CoinDCX, noting that the deal was profitable for BitOasis backers.
India’s Unfriendly Crypto Space
This expansion occurs during a period of regulatory hostility toward cryptocurrency in India. The local central bank presses lenders to avoid conducting business with crypto firms. India remains one of the least friendly jurisdictions for crypto traders, imposing a 30% tax on digital asset gains.
The challenging regulatory environment and a downturn in the broader market have forced top crypto companies in India to seek alternative ways to sustain growth. CoinDCX launched a decentralized exchange in 2022 and has been actively working to expand it.
The parent company of CoinSwitch Kuber, India’s other unicorn crypto exchange and a key competitor to CoinDCX, has expanded its offerings over the past year to include investments in stocks and mutual funds.
Final Words
CoinDCX, in an attempt to expand globally, bought Dubai-based BitOasis.
Frequently Asked Questions
Which is the Best Crypto Wallet in the UAE?
The best crypto wallets in the UAE include Trust Wallet, Coinbase Wallet, etc.
Is Binance allowed in the UAE?
Yes, Binance is allowed in the UAE.
Is BitOasis Reliable?
Yes, BitOasis is reliable.
Which Bitcoin Wallet is available in Arab?
Arabs use wallets such as Binance Wallet, Coinbase Wallet, etc.
Which Crypto is Legal in the UAE?
Cryptocurrencies legal in the UAE include Bitcoin, Ethereum, Ripple, etc.
Can I Cash out Crypto in Dubai?
Yes, you can cash out crypto in Dubai.
Is Crypto Trading Banned in Dubai?
No, crypto trading is not banned in Dubai.
