BitOasis, a leading crypto exchange in the Middle East & North Africa has been acquired by its Indian counterpart CoinDCX, the two companies announced in a joint statement today. CoinDCX previously invested in BitOasis less than a year ago. The financial details of the acquisition were not disclosed but a CoinDCX spokesperson told TechCrunch that the deal was profitable for BitOasis investors who will receive equity in the Indian crypto exchange.
Founded in 2016 by Ola Doudin, Tarek Kaylani, and Daniel Robenek, BitOasis enables retail investors and HNWIs (high net-worth individuals) across the Middle East & North Africa to buy, sell, and hold over 60 cryptocurrencies with fiat currencies like AED, SAR, and USD. The startup claims to have processed over $6 billion in trading volume since its inception, with the bulk of this volume – over 50% – being processed within just the past year and a half.
BitOasis has raised over $40 million to date in venture capital from investors like Wamda Capital, Jump Capital, Pantera Capital, and Global Founders Capital. It raised a $30 million Series B in late 2021.
The Dubai startup faced a setback last year when Dubai’s Virtual Assets Regulatory Authority (VARA) suspended its operational license due to compliance issues. While the suspension limited new user acquisition, existing clients could still use the platform. The company has since made a comeback, with VARA lifting the suspension in April this year, allowing BitOasis to fully reopen to new retail and institutional users. Adding to its recovery, the exchange also obtained a Category 2 license from the Central Bank of Bahrain last month.
The crypto exchange currently has over $210 million in assets under custody.
Started in 2018, CoinDCX is one of the leading crypto exchanges in India, with a user base of over 15 million. It enables users to buy and sell over 500+ crypto assets and has a quarterly trading volume of over $840 million in 2024. Its acquisition of BitOasis is part of the company’s plans to expand internationally, starting from the Middle East & North Africa.
Sumit Gupta, the co-founder of CoinDCX estimates that based on current market conditions, BitOasis should help CoinDCX generate an additional $30 to $50 million in annual revenue.
Commenting on the acquisition, he said, “Building on six years of success and supporting more than 15 million Indians in their crypto journey, CoinDCX aims to become the go-to trading platform for crypto worldwide. 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. This principle will continue to guide our actions as we 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 added.
Ola Doudin, Co-Founder & CEO of BitOasis, said, “CoinDCX’s acquisition marks an exciting new chapter for BitOasis, one that propels us forward on a much stronger ground. Since the start of BitOasis, trust and regulatory compliance has been a key pillar in our mission to drive crypto adoption across MENA.”
“This is a common pillar we share with CoinDCX along with our unwavering commitment to customer-centricity that has been equally vital for sustainable success. We take pride in our recent regulatory milestones, being amongst the first companies to register and become a reporting entity to FIU, the reinstatement of our Operational MVP license under VARA, and securing a license from the Central Bank of Bahrain, reinforcing our regional presence,” she added.
BitOasis’s brand and leadership will remain unchanged following the acquisition, noted a statement by the company.
The other notable crypto exchanges in the Middle East, include Rain, CoinMENA, and Fasset.