India’s first crypto unicorn, CoinDCX, acquired 100% of Dubai-based platform BitOasis for an undisclosed sum, a press release reads. CoinDCX had already invested an undisclosed sum in the crypto firm in August 2023.

The details: BitOasis investors are receiving equity in CoinDCX as part of the transaction, a CoinDCX spokesperson told TechCrunch, adding that the terms of the transaction were profitable for BitOasis backers.

What’s next for the companies? While the CoinDCX team will join BitOasis, the crypto firm will retain its brand and leadership following the acquisition. The acquisition will help BitOasis provide improved crypto services, access to additional tokens, higher liquidity, and an enhanced trading experience, according to the statement.

This comes as part of CoinDCX’s regional expansion push: The acquisition is part of CoinDCX's strategy of targeting regions with clear crypto regulatory frameworks, leveraging mergers and acquisitions to grow, CoinDCX Co-founder Sumit Gupta told Bloomberg. The acquisition gives it a “formidable foothold across the MENA region, catering to a diverse range of retail and institutional clients,” he said.

A favorable tax regime means crypto trading is easier here than in other locations: CoinDCX experienced a hit to its revenues in India after the implementation of a tax regime in 2022, which included a 1% transaction tax and a 30% tax on crypto gains. The UAE's more relaxed tax policies have encouraged ongoing trading activities here, Gupta stated

About BitOasis: Established in 2016 and based in Dubai, BitOasis offers trading and custody services for more than 60 tokens, facilitating transactions with fiat currencies such as AED, SAR, and USD. The firm recently obtained a license from the Central Bank of Bahrain, allowing it to function as a broker-dealer.

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