Indian cryptocurrency exchange CoinDCX has made its first venture in the Middle East and North Africa (MENA) region by purchasing Dubai-based trading platform BitOasis. Terms of the agreement were not disclosed.
Indian Crypto Exchange CoinDCX Acquires BitOasis, Expands into MENA Region
This acquisition will significantly support BitOasis' expansion plans in the MENA region.
CoinDCX's move follows BitOasis obtaining a license to operate as a broker-dealer in Bahrain, on top of its existing licenses in the United Arab Emirates.
CoinDCX is one of India's leading cryptocurrency exchanges with a user base of over 15 million and quarterly spot trading volume of over $840 million.
This acquisition reflects CoinDCX's desire to expand its impact and operational footprint beyond India.
The agreement underlines the growing importance of the MENA region in the global cryptocurrency landscape. With its regulatory approvals and strategic location in Dubai, BitOasis is well positioned to leverage CoinDCX's resources and expertise to accelerate its growth and reach.
CoinDCX did not respond to requests for further information regarding the acquisition. However, this move is expected to enhance the capabilities and market presence of both companies, enabling greater innovation and adoption of cryptocurrency in the MENA region.
This acquisition highlights the dynamic nature of the cryptocurrency market and the strategic moves major players are making to gain a foothold in emerging markets.
As CoinDCX and BitOasis integrate their operations, the combined entity is likely to play a key role in shaping the future of digital assets in the region.
*This is not investment advice.