CoinCDX, a leading Indian centralized cryptocurrency exchange, has acquired Dubai-based BitOasis for an undisclosed sum, marking its first major expansion into the Middle Eastern and North African (MENA) region.
According to a press release published on Wednesday, June 3, 2024, this acquisition will enable CoinCDX, which initially invested in BitOasis in August 2023, to gain a notable foothold in the MENA region.
Notably, this acquisition follows BitOasis’ recent success in obtaining a broker-dealer license in Bahrain, complementing its existing license in the UAE. The move positions CoinCDX, which boasts over 15 million users and quarterly trading volumes exceeding $840 million, for significant growth in the MENA crypto market.
Sumit Gupta, Co-Founder of CoinDCX, noted in the press release that this move builds on the exchange’s six years of success in the Indian and market and further its goals of becoming “the go-to trading platform for crypto worldwide.”
In his words:
“Our expansion strategy begins with the MENA region, capitalizing on its mature market and the population’s keen interest in crypto investment.”
BitOasis, founded in 2016 by Ola Doudin, Daniel Robenek, and Tarek Kaylani, has established itself as a preferred platform for retail, institutional, and high-net-worth individuals across the Gulf Cooperation Council (GCC) and broader MENA region. Since its inception, the exchange claimed it has processed over $6 billion in trading volume and raised more than $40 million from prominent regional and global investors.
Notably, BitOasis’s brand and leadership team will remain unchanged post-acquisition. According to the press release, this decision ensures a smooth transition, maintains continuity, and fosters synergy and partnership between the two companies.
Ola Doudin, CEO and Co-Founder of BitOasis, noted that the acquisition marks the beginning of a new era for the exchange, one that will accelerate its growth and development in the region.
The news was met with enthusiasm from the crypto community, with entrepreneurs and users alike expressing their support on social media. Debasish Das, a notable entrepreneur, congratulated CoinCDX and encouraged them to “Conquer the world!”
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