- For an undisclosed amount, BitOasis, a digital asset trading company with its headquarters in Dubai, was purchased by Indian cryptocurrency exchange CoinDCX.
- The leadership team and brand of BitOasis will not change following the acquisition, which represents the first phase of CoinDCX’s aspirations to expand internationally.
As the first stage in its international development plans, the largest cryptocurrency exchange in India, CoinDCX, purchased BitOasis, a digital asset trading platform with its headquarters in Dubai.
The purchase comes after August 2023 strategic investment in BitOasis by CoinDCX. Its goals are to give customers access to a wider variety of cryptocurrency assets, more liquidity, and an enhanced trading experience. The corporation did not reveal the deal’s worth.
After obtaining an MVP Operational License from Dubai’s Virtual Asset Regulatory Authority last year, BitOasis expanded its presence in the Middle East and North Africa by obtaining a license from the Central Bank of Bahrain in June.
The objective of CoinDCX, according to co-founder Sumit Gupta, is to establish itself as the go-to cryptocurrency trading platform worldwide.
MENA is the first region in which we plan to expand, taking advantage of its developed market and the region’s high level of interest in cryptocurrency investing. Our goal is ideally aligned with partnering with BitOasis, a platform that is accessible in 15 countries in the area.
BitOasis will maintain its current leadership group and brand
Gupta further stated that after the acquisition, BitOasis’ leadership group and brand will not change.
According to Ola Doudin, co-founder and CEO of BitOasis, users can anticipate a wider choice of products, an improved provision of crypto services, higher liquidity, better trading alternatives, and an all-around improved user experience.
Founded in 2018, CoinDCX claims to have over 15 million users and an average quarterly trading volume of $840 million. It is supported by investors like Bain Capital Ventures, Coinbase Ventures, Pantera Capital, and Polychain Capital.
Established in 2016, BitOasis asserts that it has handled more than $6 billion in trading activity since its establishment and has secured over $40 million in funding from investors such as Jump Capital and Pantera Capital.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
