CoinDCX Acquires BitOasis, Expands into MENA Region

cryptonews.com:

CoinDCX, India’s leading cryptocurrency exchange, has announced its acquisition of BitOasis, a prominent digital asset platform in the Middle East and North Africa (MENA).

This strategic move marks CoinDCX’s first international expansion. It leverages BitOasis’s established presence and regulatory licenses in the region to broaden its global footprint.

Excited to share that CoinDCX has acquired BitOasis, the leading crypto platform in the MENA region!

In six years, @CoinDCX has gone from a small startup to a multi-product and now multi-country organization.

This first-of-its-kind transformative deal will empower us to expand… pic.twitter.com/tELFPenxUI

— Sumit Gupta (CoinDCX) (@smtgpt) July 3, 2024

CoinDCX, based in Bengaluru, revealed that BitOasis’s team would join CoinDCX while retaining its branding and leadership. This acquisition enables CoinDCX to leverage BitOasis’s licenses to operate across the MENA region, where BitOasis offers trading in over 60 tokens.

BitOasis, headquartered in Dubai, has raised over $40 million in funding over its eight-year history.

Though financial details of the acquisition were not disclosed, a CoinDCX spokesperson mentioned that BitOasis investors would receive equity in CoinDCX, ensuring a profitable deal for BitOasis backers.

This expansion comes amidst challenging regulatory conditions in India. The Indian central bank has pressured lenders to avoid business with crypto firms, and the government has imposed a 30% tax on digital asset gains. In response to these hurdles, Indian crypto companies like CoinDCX are seeking expansion beyond domestic borders.

CoinDCX, valued at $2.1 billion in a 2022 funding round, launched a decentralized exchange in 2022 and has been actively expanding