BitOasis confirmed that Indian crypto exchange CoinDCX now has complete control of the Dubai-based company, although the transaction value was not disclosed
CoinDCX, an Indian crypto exchange platform, has acquired BitOasis, a virtual digital assets (VDAs) platform based in the Middle East and the North Africa (MENA) region. The acquisition, part of CoinDCX's worldwide expansion strategy, was done for an undisclosed price. The acquisition may assist BitOasis to grow its position in the area, according to a joint statement released on July 3, 2024.
BitOasis confirmed in a separate statement that CoinDCX, which first acquired a stake in the company last year, now possesses 100 per cent ownership of the Dubai-based firm. Despite the acquisition, BitOasis assured stakeholders that the brand's identity and leadership team would stay untouched. This strategic strategy intends to boost BitOasis’ market position in 15 countries.
The UAE aims to establish itself as a global hub for the crypto industry, with Dubai as its tourism and business centre. In 2022, Dubai introduced VARA to regulate the emerging virtual assets sector.
BitOasis, which was established in 2016, provides broker-dealer services under an MVP operating licence given by VARA. The exchange has processed over $6 billion in trade activity since its inception, and has raised more than $40 million in venture capital from investors, according to the statement.
CoinDCX, which was founded in 2018, is one of India’s largest and most trusted cryptocurrency exchanges. It offers a wide range of services, including, among others, trading, lending, and staking.
In India, CoinDCX has a user base exceeding 15 million and quarterly spot trading volumes surpassing $840 million. It has secured investments from major backers, such as Coinbase Ventures and Polychain Capital, focusing on accessibility, security, and regulatory compliance.