Indian cryptocurrency exchange CoinDCX has announced its acquisition of BitOasis, one of the foremost trading platforms operating in the Middle East and North Africa (MENA) region. That is according to a Wednesday report by Bloomberg. This move is a big deal for CoinDCX in that it is the firm’s first attempt at expanding into the MENA market.
Strategic Move for CoinDCX, But Big Boost for BitOasis
As of publication, the financial implications of this acquisition are yet to be officially disclosed. However, the acquisition comes at a crucial time for both companies. That is especially true for BitOasis, which has been on an upward growth trajectory, spreading its tentacles across the MENA region. The platform holds a license in its home country, the United Arab Emirates, and also recently bagged a broker-dealer license in Bahrain.
CoinDCX, on the other hand, is a first-timer in the MENA market. However, it hoped to ride on BitOasis’ back to establish its foothold in the promising market. As one of India’s leading crypto exchanges, CoinDCX boasts over 15 million users and impressive quarterly trading volumes exceeding $840 million. While CoinDCX hasn’t commented further on the specifics of the deal, it’s clear that this strategic move positions them for significant growth in the Middle East.
According to CoinDCX co-founder Sumit Gupta, the exchange is coming to the region with plans to replicate the success it has already achieved in India. Gupta noted that the exchange prides itself as highly focused on investor protection, having distinguished itself in India with unwavering compliance. He said in a further statement:
“We are committed to upholding the same standards wherever we operate. This principle will continue to guide our actions as we navigate new markets and opportunities.”
There is a notable catch from CoinDCX‘s acquisition of BitOasis, though. It is an indication that the global cryptocurrency market is gradually consolidating. That is, as major exchanges continue to seek new markets and user bases while merging and acquiring for better reach and influence.
