CoinDCX, an Indian crypto exchange, has announced its acquisition of BitOasis, a Dubai-based company. This marks the first move in CoinDCX's global expansion plans. However, the company did not disclose the acquisition cost. “Our expansion strategy begins with the MENA (Middle East and North Africa) region, capitalizing on its mature market and the population’s keen interest in crypto investment”, said Sumit Gupta, co-founder of CoinDCX.
Established in 2016, BitOasis operates within the crypto markets of West Asia and North Africa, boasting the highest trading volume in Emirati dirhams. CoinDCX had previously made a strategic investment in BitOasis in August 2023, as stated by the company. Additionally, BitOasis has received approval from Dubai’s Virtual Assets Regulatory Authority for the acquisition.
BitOasis was founded by Ola Doudin, Tarek Kaylani, and Daniel Robenek, who will continue to lead the company. The brand name will remain unchanged. BitOasis has facilitated over $6 billion in trading volume and secured over $40 million in funding from global investors. Considering current market trends, Gupta estimates that BitOasis could contribute an additional $30-50 million in annual revenue to CoinDCX.
“Combined with the company’s newly acquired licence in the Kingdom of Bahrain and the recent reopening of its platform in Dubai, the acquisition will further empower BitOasis to strengthen and expand its presence across the MENA region as a leading player in the virtual assets ecosystem, licenced and regulated in multiple markets,” the statement said.
CoinDCX commenced operations in 2018 and achieved unicorn status in 2021 as India's first crypto unicorn. However, along with its domestic competitors, the company experienced a revenue downturn following the introduction of a tax regime in 2022. This regime included a 1% tax on crypto transactions and a flat 30% tax on crypto gains, significantly reducing trading volumes on domestic exchanges.