Indian cryptocurrency exchange CoinDCX has acquired Dubai-based crypto trading platform BitOasis for an undisclosed amount, marking its strategic entry into the Middle East & North Africa (MENA) region and significantly boosting its assets under management by $270 million.
Sumit Gupta, co-founder and CEO of CoinDCX, highlighted the rationale behind the expansion, noting, “We are starting our expansion with the MENA region because it is one of the fastest-growing markets and very transparent from a regulatory clarity perspective.” CoinDCX had previously invested in BitOasis and, after observing its growth over the past year, decided to deepen the partnership.
The UAE’s clear regulatory framework for cryptocurrency trading, overseen by the Virtual Asset Regulatory Authority (VARA) and supported by the central bank, was a significant factor in the decision. “This regulatory clarity is something currently missing in the Indian market, but we are gradually moving in that direction,” Gupta added. BitOasis also holds a license from the Central Bank of Bahrain.
Gupta anticipates a 30-40% increase in CoinDCX‘s spot trading volumes from the current $8 million per day following the merger. Before this acquisition, CoinDCX, backed by prominent investors such as Pantera, Steadview Capital, Kingsway, Polychain Capital, B Capital Group, Bain Capital Ventures, Cadenza, Draper Dragon, Republic, Kindred, and Coinbase Ventures, managed assets worth $500 million.
Founded in 2016, BitOasis is a broker-dealer services company with 750,000 registered users across 15 countries and a total trading volume of $6 billion. Despite a setback in November 2023 when VARA suspended its license for non-compliance, BitOasis has since resecured the license after fulfilling all regulatory requirements.
BitOasis has raised $40 million from investors including CoinDCX, Wamda Capital, Jump Capital, Pantera Capital, and Global Founders Capital. Gupta did not disclose the deal size, company valuation, or investor returns post-acquisition.
