Indian coin company DCX acquires BitOasis to expand digital trading in the Middle East and Africa
CoinDCX, India’s largest cryptocurrency exchange, proudly announces its acquisition of BitOasis, the leading trading platform for virtual assets in the Middle East and North Africa, known for its highest trading volume in UAE dirhams.
CoinDCX had previously made a strategic investment in BitOasis in August 2023.
The joining of these two market leaders represents a transformative deal in the Middle East and North Africa region.
Coupled with CoinDCX’s recent licensing in Bahrain and the reopening of its platform in Dubai, the acquisition will strengthen BitOasis’s capability to enhance and expand its presence across the region as a key player in the licensed and regulated virtual asset ecosystem.
Founded in 2018, CoinDCX is India’s preferred exchange with a user base exceeding 15 million users.
It provides access to over 500 cryptocurrencies and facilitates quarterly trades surpassing $840 million in value during 2024.
CoinDCX has been instrumental in promoting cryptocurrency adoption throughout India, offering an intuitive interface and user-friendly experience.
Sumit Gupta, Co-Founder of CoinDCX, stated, “Building on six years of success and supporting over 15 million Indians in their cryptocurrency journey, CoinDCX aims to become a leading global cryptocurrency trading platform.
Investor protection has been paramount for us, whether in India or in new markets such as the Middle East and North Africa.”
Established in 2016 by Olga Dudina, Tariq Kellani, and Daniel Robink, BitOasis emerged as a preferred platform for individuals, institutions, and high-net-worth individuals in the Gulf Cooperation Council countries and the broader Middle East and North Africa region to buy, sell, and hold over 60 tokens using local currencies like the UAE dirham and Saudi riyal.
Since its inception, the company has processed over $6 billion in trading volume and raised over $40 million in funding from regional and global investors.
Olga Dudina, Co-Founder and CEO of BitOasis, commented, “CoinDCX’s acquisition marks a new and exciting chapter for BitOasis, propelling us forward on a stronger footing.
From the outset, trust and regulatory compliance have been core to our mission of advancing cryptocurrency adoption in the Middle East and North Africa.
This shared foundation with CoinDCX, alongside our steadfast commitment to customer focus, has been pivotal to our sustainable success.
We are proud of our recent regulatory achievements, being among the first companies to register and become a responsible entity reporting to the Financial Intelligence Unit (FIU), and reinstating our MVP operating license under VARA authority and obtaining a license from the Central Bank of Bahrain, enhancing our regional presence.”
In addition, Sumit Gupta emphasized that BitOasis’s leadership team will remain unchanged post-acquisition, ensuring seamless harmony and cooperation between both institutions.
