The UAE-based centralized exchange platform BitOasis revealed yesterday, Wednesday, that it has been fully acquired by its Indian counterpart CoinDCX. CoinDCX, India’s first crypto exchange platform, had previously invested in BitOasis in August 2023, before completing its full acquisition of the company now, in the company’s first step to expand into the Middle East and North Africa region.
BitOasis confirmed that the acquisition will not change its brand or team, and will not lead to a merger of the two platforms’ accounts. The digital and cash assets of the Emirati platform users will remain segregated and under the sole control of BitOasis. However, the acquisition may lead to the addition of new cryptocurrencies to the list of currencies available for trading on the platform.
This news comes shortly after BitOasis announced obtaining a license from the Central Bank of Bahrain to launch a Broker-Dealer type crypto platform in the kingdom under its Bahraini wing. This license allows the company to trade assets on behalf of its clients and itself.
BitOasis recently also revealed that the trading volume on its platform has reached $6 billion, after receiving investments worth $40 million during various stages.
Founded in 2016, BitOasis has become one of the leading centralized exchange platforms in the Arab region, allowing the purchase, sale, and holding of more than 60 different cryptocurrencies. The platform allows the use of Saudi Riyal and UAE Dirham alongside the US Dollar in its transactions.
The platform’s website indicates that it is legally available for use in 14 Arab countries: UAE, Saudi Arabia, Bahrain, Kuwait, Oman, Qatar, Jordan, Egypt, Lebanon, Tunisia, Algeria, Morocco, Iraq, and Libya.
