India’s largest crypto exchange CoinDCX has acquired Dubai-based crypto exchange BitOasis to enter into the Middle East and North Africa region. This marks the crypto exchange’s first step in its international expansion plan. CoinDCX earlier made a strategic investment in BitOasis in August last year.
CoinDCX Expands Into MENA Market With BitOasis
Crypto exchange CoinDCX has acquired leading virtual assets trading platform BitOasis, according to a press release on July 3. BitOasis’ brand and leadership team will remain unchanged as the companies make first-of-its-kind deals in the MENA region.
The acquisition has further bolstered BitOasis positioning in the region after the recent license in Bahrain and the reopening of its platform in Dubai. The companies will capitalize on the mature market and the people’s interest in crypto investment. The company has recorded over $6 billion in trading volume since its launch and enabled users to trade over 60 tokens with fiat currencies such as AED, SAR, and USD.
“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.” Sumit Gupta, Co-Founder of CoinDCX.
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CoinDCX’s Endeavor Into Global Expansion
CoinDCX had previously announced its strategic investment into BitOasis in August 2023, hinting at the success and plans to foray into international markets as success in India.
Ola Doudin, CEO of BitOasis, said the acquisition marks an exciting new chapter for both companies as they share a common pillar of unwavering commitment to their customers. CoinDCX wants to create a thriving and inclusive Web3 ecosystem, driving innovation and growth in the crypto space.
CoinDCX is among the major crypto companies that have voiced concerns over the 30% tax on crypto asset gains by the Indian government. The crypto industry in India expected some relief this year but a lack of a full budget due to the election year has continued stringent regulatory stance in the country.
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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.
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