Zinger Key Points
- CoinDCX and BitOasis aim to capitalize on MENA's mature market and population's interest in crypto and Web3.
- BitOasis has processed over $6 billion in trading volume and raised more than $40 million from global investors.
- Get New Picks of the Market's Top Stocks
Indian crypto exchange CoinDCX on Wednesday announced the acquisition of BitOasis, a virtual asset platform in the Middle East and North Africa (MENA) region.
What Happened: The acquisition, for an undisclosed sum, marks CoinDCX’s first step into international expansion.
The acquisition comes on the heels of BitOasis securing a new license from the Central Bank of Bahrain (CBB) and reopening its platform in Dubai.
BitOasis now operates as a broker-dealer under its VARA-issued MVP Operational License, further strengthening its regulatory standing in the region.
Speaking with Benzinga, CoinDCX co-founder Sumit Gupta said existing and potential users will benefit from an enhanced trading experience on the BitOasis platform, including increased liquidity, improved trading options, a broader product portfolio and enhanced service offerings as approved by VARA.
Additionally, users will gain broader access to an expanded range of tokens, enriching their trading experience, he added.
Addressing concerns about whether the acquisition was driven by stringent regulations in India, Gupta clarified that the Indian market remains a key focus.
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“The Indian web3 ecosystem presents enormous opportunities, and India remains a key focus for us. At the same time, CoinDCX has developed one of the best tech platforms in the world, and the opportunity before us is to leverage this platform to become one of the leading exchanges globally,” he said.
Ola Doudin, Co-Founder & CEO of BitOasis told Benzinga that this is the first acquisition deal of its kind in the MENA crypto space and it is of huge significance to BitOasis.
“We've been the first to launch in the region and the first to usher this new paradigm. We're proud to be part of the CoinDCX group and we're committed to our users and market leadership in the region,” he said.
Investors, regulators, and cryptocurrency enthusiasts eager to learn more about the implications of this acquisition and other industry trends can look forward to Benzinga’s Future of Digital Assets event on Nov. 19.
Image: Shutterstock
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