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Cryptocurrency Exchange CoinDCX Acquires MENA Company 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 Bombay
Cryptocurrency exchange 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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“Combined with the company’s newly acquired license in the Kingdom of Bahrain and the recent reopening of its platform in Dubai, the acquisition will enable BitOasis to strengthen and expand its presence in the MENA region as a leading player in the virtual asset ecosystem, licensed and regulated across multiple markets,” CoinDCX and BitOasis said in a joint statement.
The acquisition comes as CoinDCX seeks 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 strong population interest in crypto investment,” said Sumit Gupta, Co-Founder and CEO of CoinDCX.
With this acquisition, CoinDCX said users can expect enhanced crypto services, access to more tokens, and increased liquidity.
Founded in 2016 and headquartered in Dubai, the BitOasis platform is available in 15 countries in the region.
It claims to have processed over $6 billion in transaction volume and raised over $40 million in funding from investors including 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 is one of the first cryptocurrency exchanges in India to register with the Financial Intelligence Unit-India (FIU-IND).