CoinDCX Acquires BitOasis, Expands Into MENA Region
- ByStartupStory | July 4, 2024
Indian crypto exchange CoinDCX has announced its acquisition of a 100% stake in BitOasis, a leading virtual assets trading platform with a significant presence in the Middle East and North Africa (MENA) region. This strategic move marks CoinDCX’s first foray into the MENA market, capitalizing on the area’s mature market and the population’s growing interest in cryptocurrency investments.
“Our expansion strategy begins with the MENA region, capitalizing on its mature market and the population’s keen interest in crypto investment,” said Sumit Gupta, Co-Founder of CoinDCX, in a statement.
The financial terms of the acquisition were not disclosed, but a spokesperson for CoinDCX confirmed that BitOasis investors would benefit from the deal and receive equity in CoinDCX. The exchange estimates that BitOasis could contribute up to $50 million in annual revenue post-acquisition. Following the acquisition, the BitOasis team will integrate into CoinDCX, with the existing leadership continuing to oversee operations under the BitOasis brand.
“Combined with the company’s newly acquired license in the Kingdom of Bahrain and the recent reopening of its platform in Dubai, the acquisition will further empower BitOasis to strengthen and expand its presence across the MENA region as a leading player in the virtual assets ecosystem, licensed and regulated in multiple markets,” BitOasis said in a statement.
Established in 2016, BitOasis has facilitated more than $6 billion in trading volume and secured over $40 million in venture funding from investors. CoinDCX had previously led a funding round in BitOasis in August last year, signaling a strong and strategic partnership between the two companies.
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