Tech
India-based cryptocurrency exchange CoinDCX acquires full stake in Dubai-based BitOasis | Tech News
CoinDCX and BitOasis released a joint statement on July 3. (Photo: X/@CoinDCX)
1 min read Last updated: Jul 03, 2024 | 17:05 IST
Indian cryptocurrency exchange CoinDCX has acquired Middle East-focused cryptocurrency platform BitOasis, the two companies said in a joint statement on Wednesday.
The companies did not disclose the value of the deal, but BitOasis said in a separate statement that CoinDCX, which had already acquired a stake in the company last year, now owns the entire share capital of the Dubai-based company.
BitOasis added that the brand and management team will remain unchanged after the deal, which will help the company strengthen its position in the region, where it serves 15 countries, and improve its services.
The United Arab Emirates aims to become a global hub for the cryptocurrency industry, and Dubai, considered the Gulf’s tourism and trade hub, established the VARA watchdog in 2022 to regulate the emerging virtual asset sector.
Founded in 2016, BitOasis provides broker-dealer services to qualified retail and institutional investors under its Minimum Viable Product (MVP) operating license provided by VARA. It recently received a similar license from the Central Bank of Bahrain.
(Only the headline and image of this report may have been repurposed by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Jul 03, 2024 | 17:05 IST