Indian cryptocurrency exchange CoinDCX has acquired BitOasis, a trading platform, for an undisclosed amount. This marks CoinDCX’s entry into the Middle East and North Africa (MENA) region and its first international expansion.
BitOasis, based in Dubai, already has a license to operate as a broker-dealer in Bahrain and the United Arab Emirates. The acquisition will help fund BitOasis’ expansion across the region, according to a blog post on Wednesday.
CoinDCX, which had previously invested in BitOasis in August, is one of the largest crypto exchanges in India, with over 15 million users and quarterly spot trading volumes of $840 million.
CoinGecko’s report from around a year ago ranked CoinDCX as the third-largest exchange in India, with a 6.6% market share, behind Bitbns at 79% and WazirX at 11%.
