INDIAN crypto exchange CoinDCX has acquired Dubai-based BitOasis, a first step in the company’s plans to expand globally.
The purchase will give CoinDCX, which first invested in BitOasis last year, a “formidable foothold across the MENA region, catering to a diverse range of retail and institutional clients,” the Indian firm’s co-founder Sumit Gupta said in a statement. The company didn’t disclose the terms of the deal.
Launched in 2016, BitOasis operates in countries such as the United Arab Emirates, Saudi Arabia, Bahrain and Kuwait. Since inception, the exchange has processed over $6 billion in trading volume while raising more than $40 million dollars in venture funding from investors, according to the statement.LAST July, BitOasis had its “minimum viable product operational license” suspended by Dubai’s Virtual Assets Regulatory Authority—or VARA—after falling short of local requirements.
“Despite this slight hiccup, we haven’t really seen significant churn from our customers or assets leaving the platform,” Doudin said. ”In fact, over the last six months, our average monthly trading volume has grown by over 100 percent, and our assets under custody have continued to increase, now exceeding $210 million.”
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