CoinDCX Acquires BitOasis to Expand into Middle East

India-based Digital Currency exchange, CoinDCX has acquired the Middle East’s and North Africa’s most popular platform for digital currency trading, BitOasis. This is the first big step for CoinDCX to expand outside India. The firm plans to use BitOasis in the UAE, Saudi Arabia, Bahrain, and Kuwaiti markets. 

Launched in 2016, BitOasis has expanded quickly, as the MENA (Middle East and North Africa) region is one of the world’s most dynamically growing crypto markets. Although, its operations have experienced some regulatory issues such as a recent license withdrawal and then a renewal from Dubai’s Virtual Assets Regulatory Authority (VARA), it has continued to remain functional, currently having a workforce of roughly seventy.

CoinDCX, founded in 2018, was able to secure the position of India’s first crypto unicorn and get a $1.1 billion valuation in 2021. Through the acquisition deal, BitOasis will be in a position to strengthen its product line as well as its strategies for expansion. Specific information about the valuation of this acquisition was not revealed, but it seems to fit the company’s vision and actions to expand its operations as it experiences increasingly strict regulation in India concerning cryptocurrencies. 

This partnership is expected to strengthen the product offering of BitOasis and market access while CoinDCX gleans a business presence in the highly impactful Middle Eastern market. It has been perceived as major and strategic for both firms while aiming for gains, benefits and chances in the changing global crypto industry.