- Indian crypto exchange CoinDCX acquires UAE-based BitOasis.
- The move expands CoinDCX’s global reach amidst India’s regulatory challenges.
- The acquisition leverages the growing interest in crypto investments in the MENA region.
Indian cryptocurrency exchange CoinDCX has acquired UAE-based BitOasis in a strategic move to expand its global presence. The financial terms of the deal remain undisclosed, but CoinDCX confirmed that BitOasis investors will receive equity in the acquiring company, ensuring a profitable exit.
This acquisition comes as India grapples with regulatory uncertainty in the cryptocurrency sector. Facing regulatory headwinds, including the central bank’s opposition to digital assets and a 30% tax on crypto gains, Indian crypto firms are seeking alternative growth strategies. The move into the MENA region, with its more established regulatory framework, could offer CoinDCX a foothold in a more stable market while navigating the challenges at home.
This deal highlights a broader trend of diversification within India’s crypto industry. CoinSwitch Kuber, another major Indian exchange, has expanded its offerings to include stocks and mutual funds. CoinDCX, backed by prominent investors like Steadview, Pantera, B Capital, and Coinbase, achieved a $2.1 billion valuation in its 2022 funding round.
The acquisition is also expected to benefit from India’s recent ban on Binance and several other international crypto exchanges for non-compliance with local anti-money laundering rules. This ban has created a vacuum in the Indian market, which CoinDCX and other local players are now vying to fill. The acquisition offers BitOasis investors equity in a larger company and allows BitOasis to leverage CoinDCX’s global reach and expertise.
CoinDCX, which handles over $800 million in quarterly trading volume, aims to become a leading global platform for cryptocurrency trading, according to co-founder and CEO Sumit Gupta. He further stated:
Our expansion strategy begins with the MENA region, capitalizing on its mature market and the population’s strong interest in crypto investments.
BitOasis, founded in 2016, has facilitated $6 billion in trading volume since its inception. This acquisition unites two established players, creating a stronger presence for cryptocurrency businesses in the MENA region.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
