Indian Crypto Exchange CoinDCX Acquires BitOasis to Enable International Expansion

TL;DR

• CoinDCX has acquired BitOasis to expand its services to the Middle East and North Africa.

• The Indian-based crypto exchange currently has over 15 million users.

CoinDCX Acquires BitOasis

Indian cryptocurrency exchange CoinDCX has acquired the BitOasis trading platform for an undisclosed amount. The acquisition will enable CoinDCX to enter the Middle East and North Africa (MENA) markets as it begins its international expansion.

The acquisition also comes after BitOasis was awarded a license to operate as a broker-dealer in Bahrain. BitOasis is a Dubai-based company that also has a license to operate in the UAE.

The acquisition doesn’t come as a surprise as CoinDCX previously invested in BitOasis. CoinDCX is currently one of the leading crypto exchanges in India, with more than 15 million users, and processes over $840 million in trading volume every quarter. Since it was launched in 2016, BitOasis has processed over $6 billion in trading volume. 

While commenting on this acquisition, oinDCX co-founder Sumit Gupta said,

"Our expansion strategy begins with the MENA region, capitalizing on its mature market and the population's keen interest in crypto investment."