Indian crypto exchange Coindcx is expanding globally by acquiring the Middle Eastern digital asset platform Bitoasis. This strategic move enhances Coindcx’s presence in the Middle East and North Africa (MENA) region while allowing Bitoasis to retain its branding and leadership, signaling a new phase of growth and maturity for both companies.

Big Milestone: 2 Market Leaders Join Forces

A prominent Indian cryptocurrency exchange, Coindcx, is expanding internationally with the acquisition of Bitoasis, a leading digital asset platform in the Middle East and North Africa (Mena). Emphasizing that this development is an important milestone for his exchange, Sumit Gupta, CEO of Coindcx, shared on social media platform X on Wednesday:

After operating for 6 years in India, Coindcx is now going global. We have evolved from a small startup into a multi-product and now multi-country organization.

A Coindcx spokesperson told Techcrunch that Bitoasis investors would receive equity in the Indian crypto exchange, noting the deal was profitable for Bitoasis backers. The Dubai-based crypto trading platform will retain its branding and leadership.

Headquartered in Dubai, Bitoasis, established in 2016, operates in 15 countries across the region, supporting over 60 cryptocurrencies. Since its launch, Bitoasis has processed more than $6 billion in trading volume and raised over $40 million in funding from leading regional and global investors, including Coindcx, Wamda Capital, Jump Capital, Pantera Capital, and Global Founders Capital. Recently, Bitoasis secured a new license from the Central Bank of Bahrain, further solidifying its presence in the region. Coindcx, established in 2018, boasts a user base of over 15 million. It offers access to more than 500 crypto assets and facilitated average quarterly trading volumes exceeding $840 million in 2024.

Ola Doudin, founder of Bitoasis, announced on X: “This is a big milestone for us at Bitoasis and a first-of-its-kind M&A deal for the crypto space in the Middle East! We’ve been the first platform to launch in the region, ushering in crypto adoption across our markets, and today with this deal we’re taking the space to a new level of maturity.” She added:

The two market leaders joining forces marks a first-of-its-kind, transformative deal in the MENA region.

What do you think about Coindcx’s acquisition of Bitoasis and its global expansion? Let us know in the comments section below.

Source: news.bitcoin.com.