CoinDCX, India’s Premier Cryptocurrency Exchange, Expands into the MENA Region with the Acquisition of Leading Crypto Platform BitOasis

• Expansion in MENA:
  The initiation of CoinDCX’s operations in the MENA region marks a significant milestone in its global strategy, signifying the company’s dedication to broadening its reach and exploring new avenues for growth.
• Regulatory Achievements:
  With its recent procurement of a licence from the Central Bank of Bahrain (CBB), BitOasis has reinforced its foothold in the MENA marketplace, operating under the license provided by its VARA-issued MVP Operational Licence.
• Improved Services for Users:
  Customers will benefit from elevated crypto offerings, a wider selection of available tokens, enhanced liquidity options, and an optimized trading experience.

India’s premier crypto exchange, CoinDCX, is delighted to announce its union with BitOasis, the most prominent digital asset platform in the Middle East and North Africa, known for its unrivaled Emirati Dirham trading volume. This follows a strategic alliance established through investment in August 2023.

The merger of these dominant players constitutes a groundbreaking event within the MENA territory. Supported by a new Bahraini licence and the rejuvenated launch in Dubai, this move positions BitOasis to intensify and proliferate its dominance within the MENA digital assets sector, benefiting from regulation and licensure in multiple jurisdictions.

Established in 2018, CoinDCX has claimed the title as India’s exchange of choice, boasting a massive user base exceeding 15 million. It provides access to upwards of 500+ distinct crypto assets and has recorded an astounding mean quarterly spot trading volume surpassing USD 840 Million in 2024. CoinDCX’s commitment to expanding cryptocurrency accessibility in India is evident through its streamlined and intuitive platform, catering to all levels of crypto expertise. Additionally, CoinDCX has the distinction of being the pioneering virtual asset exchange in India to affiliate with FIU IND, emphasizing transparency and stringent adherence to KYC protocols.

Sumit Gupta, Co-Founder of CoinDCX, remarked, “As we celebrate our six-year anniversary and recognize the trust over 15 million Indians have placed in us for their cryptocurrency endeavours, CoinDCX is positioning itself as the defacto crypto trading realm globally. Investor protection remains a cornerstone of our operations, and we have set a standard of steadfast compliance in India. This fundamental approach will steer us as we venture into new markets, including the MENA region, where we see considerable market maturity and enthusiasm for cryptocurrency investments.”

Birthed in 2016 by Ola Doudin, Tarek Kaylani, and Daniel Robenek, BitOasis has evolved into the preferred cryptocurrency platform within the GCC and wider MENA region for a diverse clientele including retail, institutional, and high-net-worth individuals, enabling transactions in over 60 tokens with fiat denominations such as AED, SAR, and USD. BitOasis boasts more than $6 billion in processed trading volumes and over $40 million in capital raised through major regional and international backers since its inception.

Ola Doudin, Co-Founder & CEO of BitOasis, stated, “The acquisition by CoinDCX heralds a thrilling new epoch for BitOasis, elevating our status on firmer grounds. From the outset, BitOasis has been anchored in fostering trust and upholding regulatory compliances as foundations for propagating cryptocurrency across MENA. This framework aligns seamlessly with CoinDCX’s ethos, alongside our mutual dedication to prioritizing customer needs, a key ingredient to our collective success. Our progressive regulatory accomplishments, including our official acknowledgment and compliance with FIU directives, the renewal of our VARA MVP Operational license, and the attainment of a CBB license, underscore our dedication to maintaining a robust regional footprint.”

Furthermore, Ola affirmed: “Our unwavering mission is to exceed customer expectations with superior service, and this merger is a catalyst for future expansion. Our users will enjoy a diversified product array, enriched cryptocurrency service offerings, broader token access, augmented liquidity, advanced trading facilities, and notably, an augmented customer experience overall.”

Elaborating on the synergy between BitOasis’ acquisition and CoinDCX’s guiding principles, Sumit also highlighted that “BitOasis’ history has been characterized by groundbreaking registrations, such as being the earliest platform to affiliate with the UAE Financial Intelligence Unit in 2021. It has constantly maintained dynamic engagement with regional regulators since its commencement. The licences acclaimed by BitOasis in Bahrain and the UAE reflect its unwaveringly stringent regulatory conduct. Our consolidation with BitOasis, which spans 15 nations in the region, seamlessly aligns with our vision. With last year’s strategic capital infusion bolstering BitOasis’ regional presence, this latest acquisition fortifies our resolve to establish a dominant foothold in the MENA region, serving a diverse spectrum of clients, from retail investors to institutional powerhouses.” Sumit added that BitOasis’ branding and leadership will maintain their stature post-acquisition, ensuring fluid synergy and collaboration between the two firms.

About CoinDCX

Crafted in 2018, CoinDCX triumphs as India’s chosen crypto bazaar, with a staggering registered user count over 15 million. Our crusade is straightforward: to democratize engagements in Web3 experiences and virtual digital assets for all. Our unwavering focus on user safety and regulatory conformity is manifested through strict adherence to KYC and AML standards.

CoinDCX’s Web3 subsidiary, Okto Chain, is revolutionizing chain orchestration with an advanced, expressive layer.

Via CoinDCX Ventures, we have injected funds into more than 15 pioneering Web3 initiatives, fortifying our dedication to Web3’s development. Our flagship enlightenment venture, #NamasteWeb3, is equipping Indians with the wisdom of cryptocurrency, paving their way into the future of virtual digital assets. CoinDCX’s ethos and potential have earned the allegiance of illustrious global investors, such as Pantera, Steadview Capital, Kingsway, Polychain Capital, B Capital Group, Bain Capital Ventures, Cadenza, Draper Dragon, Republic, Kindred, and Coinbase Ventures.

CoinDCX is at the helm of spearheading India’s transition to the decentralized realm of Web3, steadfast in commitment to security, simplicity, and the propagation of knowledge

About BitOasis

BitOasis, headquartered amidst Dubai’s glimmer, is revered as the most esteemed and voluminous cryptocurrency trading plaza in the Middle East and North Africa. Since its 2016 inception, BitOasis has risen to prominence in the regional cryptocurrency sphere, welcoming both neophytes and seasoned traders. Encompassing 15 jurisdictions, the sanctuary offers a steadfast and secure medium to procure, possess, and divest over 60 digital currencies. In the expanse of its trajectory, BitOasis has adeptly navigated trading volumes in excess of $6 billion and has amassed over $40 million dollars in funding from preeminent investors globally, including titans like CoinDCX, Wamda Capital, Jump Capital, Pantera Capital, and Global Founders Capital.