India-based crypto exchange CoinDCX has acquired Middle East-focused crypto platform BitOasis, as announced in a joint statement by the two companies on Wednesday.

The transaction value was not disclosed, but BitOasis confirmed in a separate statement that CoinDCX, having already acquired a stake in the business last year, now holds the full share capital of the Dubai-based company. BitOasis also stated that the brand and leadership team will remain unchanged post-acquisition, aiming to bolster the firm's presence in the region, which spans 15 countries, and to improve its services.

The United Arab Emirates is striving to establish itself as a global hub for the crypto industry, with Dubai, the Gulf's tourism and business center, having established regulator Vara in 2022 to oversee the emerging virtual asset sector. BitOasis, founded in 2016, operates under a minimum viable product (MVP) license from Vara, providing broker-dealer services to qualified retail and institutional investors. The company recently secured a similar license from the Central Bank of Bahrain.