CoinDCX Buys Dubai’s BitOasis In Push For Overseas Expansion

Homegrown crypto exchange CoinCDX has bought Dubai-based virtual assets trading platform BitOasis, marking its overseas expansion.

However, the company did not disclose the financial terms of the deal.

CoinCDX’s cofounder Sumit Gupta said that this acquisition will strengthen the company’s presence across the Middle East and North Africa (MENA) region, catering to a diverse range of retail and institutional clients. 

After the acquisition, BitOasis will retain its brand and leadership team to ensure seamless synergy and collaboration between the two organisations.

Besides, the deal is in alignment with BitOasis’s recent developments, such as obtaining a new license in Bahrain and reopening its platform in Dubai. 

CoinDCX had previously made an undisclosed investment in BitOasis in August last year. 

Founded in 2016 by Ola Doudin, BitOasis is a regional cryptocurrency trading platform in the Middle East and North Africa. To date, it has raised over $40 Mn in total funding from investors in the likes of CoinDCX, Wamda Capital, Jump Capital, Pantera Capital and Global Founders Capital.

“For us, investor protection has been paramount, and we have distinguished ourselves in India with unwavering compliance. We are committed to upholding the same standards wherever we operate. 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,” Gupta added.

Doudin said, “With this acquisition, users can expect a broader product portfolio, enhanced crypto services offering, broader access to an expanded range of tokens, increased liquidity, improved trading options, and an overall enhanced user experience.” 

Founded by Gupta and Neeraj Khandelwal in 2018, CoinDCX claims to have a user base of over 1.4 crore. It offers easy access to Web3 experiences and democratise investments in virtual digital assets with user safety and security.

CoinDCX became the country’s first crypto unicorn in 2021 after raising $90 Mn in Series C from Facebook cofounder Eduardo Saverin’s B Capital Group, Coinbase Ventures, and others.

It counts Pantera, Steadview Capital, Kingsway, Polychain Capital, B Capital Group, Bain Capital Ventures, Cadenza, Draper Dragon, Republic, Kindred, and Coinbase Ventures among its investors.

This development comes at a time when CoinCDX is undergoing several developments around its offerings.

For instance, just a week ago, it introduced a Web3 mode within its app that will now enable users to buy digital assets in rupee.

The Web3 mode will facilitate the purchase and transfer of tokens, including Ethereum (ETH), MATIC, Tether (USDT) and USD Coin (USDC) in INR within the CoinDCX app.

Earlier last month, CoinCDX also launched a new suite of services specifically designed for high-net-worth individuals, family offices and institutional investors after it saw a surge of HNIs and institutional investors in the Indian crypto market.