Indian crypto exchange CoinDCX said on Wednesday that it has acquired Dubai-based BitOasis, the first step in the company’s global expansion plans. However, the company did not disclose the acquisition cost.

“Our expansion strategy starts with the MENA (Middle East and North Africa) region, taking advantage of its mature market. and the population’s keen interest in crypto-investment,” said Sumit Gupta, co-founder of CoinDCX.

Founded in 2016, BitOasis operates in the West Asian and North African crypto space, and claims to have the highest trading volume in Emirati dirhams. CoinDCX previously made a strategic investment in BitOasis in August 2023, the company said in a statement, adding that BitOasis received no objections from Dubai’s Virtual Assets Regulatory Authority regarding the acquisition.

Ola Doudin, Tarek Kaylani and Daniel Robenek are the founders of BitOasis, and will remain in leadership roles. There will be no change in the brand name either. BitOasis has so far processed over $6 billion in trade volume and raised over $40 million from global investors. Based on current market conditions, Gupta estimates that BitOasis could generate an additional $30-50 million in annual revenue for CoinDCX.

“Combined with the company’s newly acquired license in the Kingdom of Bahrain and the recent reopening of its platform in Dubai, this acquisition positions BitOasis as a leading player in the virtual assets ecosystem in the MENA region. will further empower and expand presence in multiple markets,” the statement said.

CoinDCX started operations in 2018 and became India.The first crypto unicorn in 2021. But the company and its domestic rivals faced a drop in revenue after the government introduced the tax. In 2022 the government imposed a 1% tax on crypto transactions, as well as a flat 30% tax on any crypto-related gains, which eliminated volume on domestic exchanges.

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