As a long-term crypto investor, I’m always keeping an eye out for developments that could potentially impact my investments positively. The news of CoinDCX’s acquisition of BitOasis to expand into the Middle East and North Africa (MENA) region is an exciting development for me.
India’s leading cryptocurrency platform, CoinDCX, has taken its initial stride into the Middle East and North Africa market by acquiring Dubai-based crypto exchange BitOasis. This represents CoinDCX’s first move in implementing its international growth strategy, following a strategic investment in BitOasis last August.
CoinDCX Expands Into MENA Market With BitOasis
According to a press release on July 3rd, CoinDCX, a prominent crypto exchange, announced the acquisition of BitOasis, a leading virtual assets trading platform based in the MENA region. Following the deal, BitOasis’ brand and leadership team will continue to operate unchanged as both companies embark on pioneering collaborations in the Middle East and North Africa.
BitOasis’s latest acquisition strengthens its foothold in the Middle East following its license in Bahrain and Dubai reopening. The merged entities will leverage the established market and growing crypto investment enthusiasm. To date, BitOasis has facilitated over $6 billion in trading volume since its inception, allowing users to trade around 60 tokens using currencies like AED, SAR, and USD.
“Protecting investors has been a top priority for us, and we have earned a reputation in India for strict adherence to regulations. We remain dedicated to maintaining these high standards in all our business locations. This commitment will continue to shape our decisions as we expand into new markets and explore fresh opportunities.” – Sumit Gupta, Co-Founder of CoinDCX.
CoinDCX’s Endeavor Into Global Expansion
In August 2023, I learned that CoinDCX made a strategic investment in BitOasis. This news suggested that CoinDCX had achieved significant success in the Indian market and was planning to expand its operations internationally.
Ola Doudin, CEO of BitOasis, announced that the acquisition signifies an engaging new phase for both businesses, as they both uphold a steadfast dedication to their customer base. CoinDCX aims to establish a prosperous and welcoming Web3 environment, fostering creativity and expansion in the cryptocurrency sector.
As a researcher studying the crypto market, I can share that companies like CoinDCX have expressed apprehensions regarding the Indian government’s proposed 30% tax on crypto asset gains. The crypto sector in India had hoped for some leniency this year, but the absence of a comprehensive budget due to the ongoing election season has maintained the strict regulatory environment in the country.
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2024-07-03 20:10