CoinDCX acquires BitOasis, expanding into the MENA region
CoinDCX estimates that BitOasis could contribute up to $50 million in annual revenue post-acquisition.
Indian crypto exchange has acquired a 100% stake in BitOasis, a virtual assets trading platform with a presence in the Middle East and North Africa.
"Our expansion strategy begins with the MENA region, capitalizing on its mature market and the population's keen interest in crypto investment,” Sumit Gupta, Co-Founder of CoinDCX said in a statement.
Although the statement did not disclose specific financial terms, a spokesperson confirmed that BitOasis investors are set to profit from the deal and will receive equity in CoinDCX. The exchange estimates that BitOasis could contribute up to $50 million in annual revenue post-acquisition.
Following the acquisition, BitOasis' team will integrate into CoinDCX, with the existing leadership continuing to oversee operations under the BitOasis brand, the spokesperson added. CoinDCX had previously led a funding round in BitOasis in August last year.
"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," BitOasis said in a statement.
Since its establishment in 2016, BitOasis has facilitated more than $6 billion in trading volume and secured over $40 million in venture funding from investors.
Edited by Jyoti Narayan