UAE crypto trading platform BitOasis sold to India’s CoinDCX
India’s largest virtual asset trading platform will use the acquisition to gain market entry into the Middle East region
A physical depiction of the popular digital cryptocurrency Bitcoin. (Photo: Getty Images)
UAE virtual asset trading platform BitOasis has been bought for an undisclosed amount by India’s largest trading platform, CoinDCX.
Founded in 2016 by Ola Doudin, Tarek Kaylani and Daniel Robenek, BitOasis is MENA’s first and largest crypto asset exchange, available in 15 countries across the region for users to buy, hold and sell over 60 cryptocurrencies.
The company has processed over $6 billion in trading volume and raised more than $40 million in funding from CoinDCX and other investors including the UAE’s Wamda Capital; U.S. VC funds Jump Capitaland Pantera Capital; and Berlin-based Global Founders Capital.
CoinDCX will gain market entry into MENA with its acquisition, “capitalizing on its mature market and the population’s keen interest in crypto investment,” Sumit Gupta, Co-Founder of CoinDCX, said.
Startup exits are on the rise in the region. Forty-three were sold in 2023, up from 15 in 2015, according to funding platform Magnitt.