Crypto exchange CoinDCX has acquired fellow crypto trading platform BitOasis. This marks the Indian exchange’s maiden venture into the Middle East and North Africa (MENA) region.  

BitOasis recently acquired a license to function as a broker-dealer in Bahrain. It is also officially licensed in the United Arab Emirates.

Via this deal, CoinDCX is looking to tap into the Middle East’s mature market and users’ interest in crypto and Web3. Compliance with regulations and investor protection will continue to be integral parts of the equation, the companies assured.

At the moment, CoinCDX has over 15 million users spanning across India with a quarterly volume ranging in the $800-$850 million bracket. The numbers next quarter can be expected to be much higher, given the latest acquisition.

Commenting on the latest development via a thread on X [formerly Twitter], Neeraj Khandelwal, the Co-founder of CoinDCX said,

“This acquisition is a perfect synergy, aligning with our vision and values. With licenses in Bahrain and the UAE, BitOasis’s commitment to regulation and compliance mirrors our own. Together, we’re set to revolutionize the crypto landscape in the MENA region.”

He further clarified that the BitOasis platform will continue to operate as usual. Users can expect a broader product portfolio, enhanced crypto service offerings, wider access to an expanded range of tokens, increased liquidity, enhanced trading options, and better user experience.

The latest acquisition marks a key step in the company’s global expansion mission.

BitOasis had secured around $40 million in funding over its eight-year tenure. A recent report pointed out that BitOasis investors will be receiving equity in CoinDCX. The deal is also said to be profitable for BitOasis backers.

blocmates reached out to CoinDCX for confirmation but had not received a response until the time of publication.

Meanwhile, CoinDCX’s Chief Executive and Co-founder, Sumit Gupta, said,

“Under the leadership of Ola Doudin, BitOasis will continue to operate as usual. The strong BitOasis brand will remain unchanged.”