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CoinDCX acquires Dubai-based BitOasis to enhance its services and expand its footprint in the Middle Eastern crypto market.
Key Points
- India-based CoinDCX fully acquires Dubai-based BitOasis, a key player in the Middle Eastern crypto market.
- The acquisition strengthens CoinDCX’s presence in the Middle East and enhances BitOasis’s market position and services.
- BitOasis operates under licences from VARA and the Central Bank of Bahrain, ensuring robust regulatory compliance.
- The acquisition aims to drive further crypto adoption and innovation in the Middle East, leveraging the supportive regulatory environment.
In a strategic move to enhance its presence in the Middle East, Indian cryptocurrency exchange CoinDCX has fully acquired Dubai-based BitOasis, a leading digital asset platform serving 15 countries in the region. This significant acquisition, announced jointly by both companies on Wednesday, is set to fortify CoinDCX’s position in the Middle Eastern market and boost its service offerings.
Although the financial terms of the transaction were not disclosed, BitOasis confirmed that CoinDCX, which had already acquired a stake in the company last year, now owns the full share capital. The acquisition will allow BitOasis to maintain its brand and leadership team while benefiting from CoinDCX’s resources and expertise.
CoinDCX’s acquisition of BitOasis comes at a time when the United Arab Emirates (UAE) is positioning itself as a global hub for the cryptocurrency industry. Dubai established the Virtual Assets Regulatory Authority (VARA) in 2022 to oversee the virtual asset sector, signaling the country’s commitment to fostering a supportive environment for digital assets.
Founded in 2016, BitOasis has been a pioneer in the Middle Eastern crypto space, providing broker-dealer services to retail and institutional investors. The platform operates under a minimum viable product (MVP) license from VARA and recently secured a similar license from the Central Bank of Bahrain. These regulatory approvals underscore BitOasis’s compliance and its robust operational framework.
For CoinDCX, this acquisition is a crucial step in its international growth strategy. By integrating BitOasis into its operations, CoinDCX aims to leverage the strong regulatory framework and increasing crypto adoption in the UAE and other Middle Eastern countries. This move aligns with CoinDCX’s broader vision of becoming a global leader in the cryptocurrency exchange market.
“We are excited to fully integrate BitOasis into the CoinDCX family,” said Sumit Gupta, CEO of CoinDCX. “This acquisition allows us to deepen our footprint in the Middle East, a region with immense potential for growth in the crypto sector. We look forward to enhancing the services offered by BitOasis and continuing to provide exceptional value to our users.”
The partnership between CoinDCX and BitOasis promises to bring innovative crypto solutions to the Middle Eastern market. Combining CoinDCX’s technological expertise with BitOasis’s strong regional presence is expected to drive further adoption of cryptocurrency in the region.
The UAE’s supportive regulatory environment and strategic initiatives to attract crypto businesses make it an ideal base for CoinDCX’s Middle Eastern operations. As the region continues to embrace digital assets, the enhanced capabilities of BitOasis under CoinDCX’s ownership are set to meet the increasing demand for secure and efficient crypto trading solutions.
The acquisition of BitOasis by CoinDCX marks a significant milestone in the crypto industry, showcasing the growing importance of the Middle East in the global digital assets landscape. With this strategic move, CoinDCX is well-positioned to lead the charge in expanding crypto adoption and innovation across the region.
