Indian crypto giant CoinDCX has acquired UAE-based BitOasis. While the financial terms of the deal haven’t been disclosed, CoinDCX confirmed BitOasis investors will receive equity in the acquiring company, making it a profitable exit for them.
This acquisition comes at a time when India’s regulatory environment for cryptocurrencies remains uncertain. The central bank’s stance against digital assets, coupled with a 30% tax on crypto gains, has forced Indian crypto companies to seek alternative pathways for growth. CoinDCX launched a decentralized exchange in 2022 and actively works towards its expansion.
This deal follows a trend of diversification within the Indian crypto space. CoinSwitch Kuber, another leading Indian crypto exchange, has expanded its offerings to include stocks and mutual funds. CoinDCX, backed by prominent investors like Steadview, Pantera, B Capital, and Coinbase, was valued at a staggering $2.1 billion in its 2022 funding round.
The acquisition benefits BitOasis by providing its investors with equity in a larger company. Additionally, it positions BitOasis to leverage CoinDCX’s global reach and expertise.
CoinDCX, processing over $800 million in quarterly trading volume, aims to become the “go-to trading platform for crypto worldwide,” according to its co-founder and CEO, Sumit Gupta. He further stated, “Our expansion strategy begins with the MENA region, capitalizing on its mature market and the population’s keen interest in crypto investment.”
BitOasis, established in 2016, has processed a significant volume of $6 billion in trading since its inception. This acquisition brings together two established players, creating a stronger presence for cryptocurrency businesses in the MENA region.
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