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Cryptocurrency exchange platform CoinDCX acquires MENA region’s BitOasis | Financial News
This comes nearly ten months after CoinDCX invested in the company, marking one of its first investments in the MENA region.
(Photo: X/@CoinDCX)Ajinkya Kawale Mumbai
Cryptocurrency exchange platform CoinDCX has acquired Middle East and North Africa (MENA)-based virtual digital asset (VDA) platform BitOasis for an undisclosed amount, as part of the company’s global expansion strategy.
This comes nearly ten months after CoinDCX invested in the company, marking one of its first investments in the MENA region.
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“Together with the company’s newly acquired license in the Kingdom of Bahrain and the recent reopening of its platform in Dubai, the acquisition will further enable BitOasis to strengthen and expand its presence in the MENA region as a leading player in the virtual asset ecosystem, licensed and regulated in multiple markets,” CoinDCX and BitOasis said in a joint statement.
The acquisition comes as CoinDCX looks to expand globally.
“This principle will continue to guide our actions as we explore new markets and opportunities. Our expansion strategy begins with the MENA region, capitalizing on its mature market and the population’s keen interest in cryptocurrency investments,” said Sumit Gupta, co-founder and CEO of CoinDCX.
With the acquisition, CoinDCX said users can expect improved cryptocurrency services, access to more tokens, and increased liquidity.
Founded in 2016 and headquartered in Dubai, the BitOasis platform is available in 15 countries across the region.
It claims to have processed over $6 billion in trading volume and raised over $40 million in funding from investors such as Wamda Capital, Jump Capital, Pantera Capital and Global Founders Capital.
Founded in 2018, CoinDCX has raised over $240 million in funding to date, according to data from market intelligence platform Tracxn.
The company was one of the first cryptocurrency exchanges in India to register with the Financial Intelligence Unit-India (FIU-IND).