Dubai, UAE, July 3, 2024 – In a significant development, India’s premier crypto exchange, CoinDCX, has announced the complete acquisition of Dubai-based virtual assets trading platform BitOasis. This acquisition aims to bolster BitOasis’ regional presence and enhance its service offerings, marking a major expansion into the MENA region.
Established in 2018, CoinDCX has grown to serve over 15 million users, offering access to more than 500 crypto assets and facilitating substantial quarterly trading volumes. The Indian firm’s strategic investment in BitOasis in August 2023 paved the way for this acquisition, though the value of the deal remains undisclosed.
Strengthening Regional Presence
Sumit Gupta, Co-founder of CoinDCX, emphasized the strategic importance of this acquisition for their expansion plans. “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 stated.
Market Growth and Future Plans
The UAE’s crypto sector is experiencing rapid growth, with revenue projected to increase by 7.89% annually, reaching $395.8 million by 2028, up from $292.1 million in 2023. Despite a relatively low crypto adoption rate of 10% in the Middle East, recent data suggests a significant upward trend. According to Bitget Research, the average daily number of crypto traders in the region surpassed 500,000 in February 2024, marking a 51% year-over-year growth from 2023. The UAE leads this regional growth with a 68% year-on-year rise in daily traders.
BitOasis’ Continued Leadership
Ola Doudin, Co-founder and CEO of BitOasis, expressed optimism about the acquisition’s impact on BitOasis’ growth. “CoinDCX’s acquisition marks an exciting new chapter for BitOasis, one that propels us forward on much stronger ground. We were among the first companies to register and become a reporting entity to the FIU in India, and the reinstatement of our MVP Operational license under VARA, and securing a license from the Central Bank of Bahrain reinforces our regional presence,” Doudin noted.
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