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CoinDCX, India\u2019s leading cryptocurrency exchange, is expanding internationally through the acquisition of BitOasis, a digital asset platform in the Middle East and North Africa, the companies said Wednesday. <\/p>\n
The Bengaluru-based startup said BitOasis\u2019s team is joining CoinDCX, with the original leadership continuing to manage the exchange, which offers trading in more than 60 tokens. BitOasis will also retain its branding, CoinDCX told TechCrunch. <\/p>\n
Dubai-based BitOasis had secured over $40 million in funding during its eight-year history. The two firms didn\u2019t disclose the financial terms of the deal, but a CoinDCX spokesperson told TechCrunch that BitOasis investors would receive equity in CoinDCX, adding that the deal was profitable for BitOasis backers. <\/p>\n
The expansion comes amid a prolonged period of regulatory hostility towards cryptocurrency<\/a> in India, with the local central bank maintaining pressure on other lenders<\/a> to avoid conducting business with crypto firms. India remains one of the least friendly jurisdictions for crypto traders, imposing a 30% tax on digital asset gains<\/a>.<\/p>\n The regulatory environment, coupled with a downturn in the broader market, has forced top crypto companies in India to find other ways to maintain their growth. CoinDCX launched a decentralized exchange in 2022<\/a> and has been aggressively working to expand it. <\/p>\n The parent company of CoinSwitch Kuber, India\u2019s other unicorn crypto exchange<\/a>, has diversified its offerings to include investments in stocks and mutual funds in the past year. CoinDCX \u2014 backed by Steadview, Pantera, B Capital and Coinbase \u2014 was valued at $2.1 billion<\/a> in a funding round in 2022.<\/p>\n