Key Takeaways
- BitOasis will be retaining its brand and leadership team to ensure seamless synergy and collaboration between the two firms.
- The latest development comes nearly ten months after CoinDCX invested in BitOasis.
India-based crypto exchange, CoinDCX, has acquired Dubai-based digital asset platform BitOasis, which mainly operates in the Middle East and North Africa (MENA) region.
“Combined with the company’s newly acquired licence in the Kingdom of Bahrain and the recent reopening of its platform in Dubai, the acquisition will further empower BitOasis to strengthen and expand its presence across the MENA region as a leading player in the virtual assets ecosystem, licensed and regulated in multiple markets,” the press release reads
As per the announcement, following the acquisition BitOasis will be retaining its brand and leadership team to ensure seamless synergy and collaboration between the two firms. The acquisition amount is still not being disclosed
The latest development comes nearly ten months after CoinDCX invested in BitOasis. BitOasis had also recently secured a Virtual Assets Regulatory Authority (VARA)-issued Minimum Viable Product (MVP) Operational License from the Central Bank of Bahrain (CBB).
This license grants the exchange the opportunity BitOasis to operate as a broker-dealer under strict regulatory conditions in Bahrain
Founded in 2016, BitOasis provides broker-dealer services to retail and institutional investors under its minimum viable product operational licence provided by the Virtual Assets Regulatory Authority . The crypto exchange platform also operates in 15 countries across the region.BitOasis has also raised over $40 Mn in total funding from investors in the likes of CoinDCX, Wamda Capital, Jump Capital, Pantera Capital and Global Founders Capital.
The acquisition is part of CoinDCX’s greater effort to expand globally.CoinDCX stated that with the acquisition, the users can expect improved crypto services, access to more tokens, and increased liquidity.
As per reports, user accounts would not be migrated or linked between BitOasis and CoinDCX. Commenting on the development CoinDCX cofounder Sumit Gupta stated “For us, investor protection has been paramount, and we have distinguished ourselves in India with unwavering compliance. We are committed to upholding the same standards wherever we operate.”
He further added that the principle will continue to guide their actions as they navigate new markets and opportunities. “Our expansion strategy begins with the MENA region, capitalizing on its mature market and the population’s keen interest in crypto investment,” he noted.
