Jai Sahu
India’s CoinDCX has acquired the Dubai-based crypto trading platform BitOasis, aiming to broaden its reach into new markets. The Indian exchange previously invested in BitOasis in August 2023.
Rapid Growth and Strategic Investments
Since its inception in 2018, CoinDCX has grown to serve over 15 million users and offers more than 500 crypto assets, with spot trading volumes averaging over $840 million quarterly in 2024. The specifics of the acquisition’s financial terms were not disclosed by either company on Wednesday.
Leadership and Brand Continuity
CoinDCX co-founder Sumit Gupta stated that the BitOasis brand and its leadership team would remain intact, promoting smooth collaboration and synergy between the two entities. “Our expansion strategy begins with the Mena region, capitalizing on its mature market and the population’s keen interest in crypto investment. Last year, we strategically invested in BitOasis to bolster its regional presence. Now, with this acquisition, we’re poised to establish an even more formidable foothold across the Mena region, catering to a diverse range of retail and institutional clients,” Gupta explained.
Competitive Landscape and Growth Projections
The competition in the cryptocurrency sector is intensifying with new entrants and international firms. According to Bitpanda and Statista, the UAE’s crypto market revenue is expected to grow annually by 7.89%, reaching $395.8 million by 2028, up from $292.1 million currently.
Crypto adoption in the Middle East stands at 10%, considered low; however, recent trends suggest a change is underway. Bitget Research reports that the daily crypto trader count in the region topped 500,000 in February, marking a 51% increase from 2023. The UAE has notably led this growth, with a 68% yearly increase in crypto traders per capita.
Future Prospects and Enhancements
Ola Doudin, co-founder and CEO of BitOasis, commented on the acquisition’s benefits, highlighting anticipated growth and an expanded service offering. “CoinDCX’s acquisition marks an exciting new chapter for BitOasis, one that propels us forward on a much stronger ground. We were among the first companies to register and become a reporting entity to FIU (Financial Intelligence Unit – India), the reinstatement of our MVP Operational licence under Vara, and securing a licence from the Central Bank of Bahrain, reinforcing our regional presence,” said Doudin.