CoinDCX, India’s leading cryptocurrency exchange, has announced its international expansion through the acquisition of BitOasis, a digital asset platform based in the Middle East and North Africa. The team at BitOasis will be joining CoinDCX, with the existing leadership staying in place to manage the exchange. This move will allow CoinDCX to broaden its reach and offer trading services for over 60 tokens in the region. Despite the acquisition, BitOasis will maintain its branding, according to CoinDCX.
BitOasis, headquartered in Dubai, has raised more than $40 million in funding over the course of its eight-year existence. Although the financial details of the acquisition were not disclosed, it has been revealed that BitOasis investors will receive equity in CoinDCX as part of the deal. This acquisition is seen as a profitable move for BitOasis backers.
The decision to expand internationally comes at a time when India is facing regulatory challenges in the cryptocurrency space. The local central bank has been pressuring financial institutions to refrain from engaging with crypto companies, making India one of the less favorable environments for crypto traders due to the high tax rates imposed on digital asset gains.
In response to these challenges, top crypto companies in India are exploring new avenues for growth. CoinDCX, for example, recently launched a decentralized exchange and has been actively working on its expansion strategy. Meanwhile, CoinSwitch Kuber, another unicorn crypto exchange in India, has diversified its offerings to include investments in stocks and mutual funds.
Despite the regulatory hurdles, local exchanges have benefited from the ban imposed on international exchanges like Binance for non-compliance with anti-money laundering rules. Many of these exchanges are now in talks with Indian authorities to ensure compliance and are expected to resume operations in the country soon.
With a trading volume exceeding $800 million each quarter, CoinDCX has ambitious plans to establish itself as the premier trading platform for crypto on a global scale. The company’s co-founder and CEO, Sumit Gupta, emphasized the importance of the MENA region in their expansion strategy, citing its mature market and growing interest in crypto investments.
BitOasis, on the other hand, has seen significant growth since its inception in 2016, processing $6 billion in trading volume. The acquisition by CoinDCX will open up new opportunities for both companies to tap into the potential of the digital asset market in the Middle East and North Africa region.
