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CoinDCX Acquires BitOasis in Global Expansion

CoinDCX, India's leading cryptocurrency exchange, set its sights on global expansion with the acquisition of BitOasis
July 4, 2024

CoinDCX, India’s leading cryptocurrency exchange, is embarking on a bold international expansion with the acquisition of BitOasis, a prominent digital asset platform serving the Middle East and North Africa. This strategic move, announced on Wednesday, marks CoinDCX’s ambitious foray into new markets beyond its South Asian stronghold.

BitOasis, headquartered in Dubai and backed by over $40 million in funding, will continue operations under its existing leadership within the CoinDCX umbrella. The acquisition not only integrates BitOasis’s robust trading platform, which supports over 60 tokens, but also retains its established brand identity, ensuring continuity and trust among its user base.

For CoinDCX, this expansion comes amid challenging regulatory landscapes in its home country. India’s stringent cryptocurrency policies, including a significant tax on digital asset gains, have compelled the exchange to seek growth avenues elsewhere. Despite regulatory headwinds, CoinDCX has bolstered its offerings with initiatives like a decentralized exchange launched in 2022, underscoring its commitment to innovation and resilience in navigating evolving market conditions.

Supported by prominent investors such as B Capital, Coinbase, Pantera, and Steadview, CoinDCX has positioned itself as a key player in the global crypto ecosystem, achieving a valuation of $2.1 billion in a recent funding round. The acquisition of BitOasis not only expands CoinDCX’s footprint but also leverages the MENA region’s mature market and burgeoning interest in cryptocurrency investments.

Sumit Gupta, co-founder and CEO of CoinDCX, expressed confidence in the exchange’s expansion strategy, aiming to establish itself as the premier crypto trading platform worldwide. With BitOasis boasting a trading volume of $6 billion since its inception in 2016, the acquisition sets the stage for CoinDCX to further strengthen its international presence and shape the future of digital finance.

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