CoinDCX Acquires BitOasis to Expand in MENA Region

CoinDCX, India's first crypto unicorn, has announced the acquisition of BitOasis, the virtual assets trading platform in the Middle East and North Africa (MENA). This move follows CoinDCX's initial investment in BitOasis in August 2023.^[1]  

BitOasis, established in 2016 by Ola Doudin, Tarek Kaylani, and Daniel Robenek, is a platform for retail, institutional, and high-net-worth individuals in the GCC and broader MENA region, processing over $6 billion in trading volume and raising more than $40 million in funding.

CoinDCX, founded in 2018, serves over 15 million users in India, offering access to over 500 crypto assets and facilitating significant trading volumes. The exchange has been instrumental in driving crypto adoption in India through its user-friendly interface and stringent know-your-customer (KYC) norms.

In April, Bitget Research, the research arm of cryptocurrency exchange and Web3 company Bitget, outlined compelling insights into the region's digital asset landscape.

Throughout 2024, the Middle East witnessed a remarkable surge in crypto trading activity, with an average of 500,000 daily traders locally—a staggering 166% year-on-year (YoY) increase. The UAE emerges as a frontrunner in this adoption wave, boasting a remarkable 72% of local users investing in Bitcoin.

Centralized exchanges have emerged as the primary arena for cryptocurrency trading, drawing over 500,000 daily active users on average in February 2024. The approval of Bitcoin exchange-traded funds (ETFs) and favorable local regulations are two factors driving this surge.

In parallel, decentralized exchanges (DEXs) are gaining prominence among Middle Eastern users, with platforms like Uniswap, Pancakeswap, and Raydium leading the decentralized trading sphere. Wallet preferences also reflect this shift, with Trust Wallet, MetaMask, and Bitget Wallet ranking among the top choices for users in the region.