Indian crypto exchange CoinDCX on Wednesday said it has acquired Dubai-based BitOasis, a first step in the company’s plans to expand globally. The company, however, did not disclose the cost of acquisition.
“Our expansion strategy begins with the MENA (Middle East and North African) region, capitalising on its mature market and the population’s keen interest in crypto investment,” said Sumit Gupta, co-founder of CoinDCX.
Founded in 2016, BitOasis works in the West Asia and North African crypto space, and claims to have the highest trading volume in Emirati dirhams. CoinDCX previously made a strategic investment in BitOasis in August 2023, the company said in a statement, adding that BitOasis received a no-objection from Dubai’s Virtual Assets Regulatory Authority with regard to the acquisition.
Ola Doudin, Tarek Kaylani and Daniel Robenek are the founders of BitOasis, and would continue to remain in leadership roles. The brand name will also remain unchanged. BitOasis has so far processed over $6 billion in trading volume and raised more than $40 million from global investors. Based on current market conditions, Gupta estimates that BitOasis may generate an additional $30-50 million in annual revenue for CoinDCX.
“Combined with the company’s newly acquired licence in the Kingdom of Bahrain and the recent reopening of its platform in Dubai, the acquisition will further empower BitOasis to strengthen and expand its presence across the MENA region as a leading player in the virtual assets ecosystem, licenced and regulated in multiple markets,” the statement said.
CoinDCX began operations in 2018 and became India’s first crypto unicorn in 2021. But the company and its domestic rivals suffered a decline in revenue after the government introduced a tax regime in 2022 that imposed a 1% tax on crypto transactions as well as a flat 30% levy on any crypto-related gains, eviscerating volumes on the domestic exchanges.
