CoinDCX, a leading crypto exchange based in India, has recently completed the full acquisition of BitOasis, a virtual assets trading platform based in Dubai. This move comes after CoinDCX made a strategic investment in BitOasis in August 2023. CoinDCX, established in 2018, boasts a user base of over 15 million and offers access to more than 500 crypto assets. The platform has facilitated average quarterly trading volumes exceeding $840 million in a spot in 2024.
The financial details of the acquisition were not disclosed by either company at the time of the announcement. Sumit Gupta, co-founder of CoinDCX, emphasized that BitOasis’ brand and leadership team will remain unchanged post-acquisition, leading to seamless collaboration and synergy between the two organizations. Gupta further stated that their expansion strategy begins with the Mena region, leveraging its mature market and the growing interest in crypto investments among the population.
Competition in the crypto space has been on the rise with new players entering the market and foreign firms expanding their operations. Revenue in the UAE’s crypto sector is anticipated to grow by 7.89% annually, reaching $395.8 million by 2028, up from $292.1 million in the current year. With a relatively low crypto adoption rate of 10% in the Middle East, recent data suggests a significant increase in crypto traders in the region. The UAE, in particular, has seen a substantial growth in daily traders, leading regional growth in crypto adoption per capita.
Ola Doudin, co-founder and CEO of BitOasis, expressed excitement about the acquisition, highlighting the potential for further growth and expansion. Users can expect a broader product portfolio, enhanced crypto services, access to an expanded range of tokens, and increased liquidity as a result of the acquisition. Doudin also mentioned the company’s achievements, such as being one of the first to register as a reporting entity to FIU in India, obtaining a licence from the Central Bank of Bahrain, and reinstating their MVP Operational licence under Vara, which solidifies their regional presence.
The acquisition of BitOasis by CoinDCX marks a significant step towards strengthening their foothold in the crypto market, particularly in the Mena region. With a user base of over 15 million and access to a wide range of crypto assets, CoinDCX is well-positioned to cater to the diverse needs of both retail and institutional clients. The acquisition aligns with CoinDCX’s growth strategy and commitment to providing innovative and secure crypto trading services to users across various markets.
In conclusion, the acquisition of BitOasis by CoinDCX signifies a strategic move to expand their presence and services in the crypto market. With a focus on the Mena region and a growing interest in crypto investments, the combined expertise and resources of both companies are expected to drive further growth and success in the industry. As competition in the crypto space intensifies, partnerships and acquisitions like this will play a crucial role in shaping the future of the digital asset ecosystem.
