India's largest crypto exchange CoinDCX on Wednesday launched BitOasis operations in Bahrain. Through this, it will expand across the MENA region. BitOasis was acquired by CoinDCX in 2024, mainly to unlock new growth opportunities.
BitOasis is the leading virtual assets trading platform in the Middle East and North Africa, commanding the highest trading volumes in Emirati Dirhams.
This comes at a time when the MENA region is rapidly emerging as one of the fastest-growing virtual asset markets globally. Countries like the UAE are making significant investments in blockchain and digital infrastructure.
“Our expansion into the MENA region is driven by clear regulatory frameworks, a growing investor appetite, and larger HNI investment ticket sizes. BitOasis brings unmatched regional credibility, while CoinDCX contributes the scale and innovation of a ‘Made in India’ platform. BitOasis has seen 4x revenue growth, now contributing 20% to our total revenue. Looking ahead, we anticipate the region will account for over 30% of our revenue by 2026,” said Sumit Gupta, co-founder, CoinDCX.
BitOasis Bahrain will operate under a Crypto-Asset Services License from the Central Bank of Bahrain. To expand its presence in the region, BitOasis has launched premium services for high-net-worth individuals and institutional clients, and the platform also supports local bank transfers, deposits and withdrawals across the GCC (Gulf Cooperation Council).
“Today marks a significant milestone as we proudly launch BitOasis in Bahrain,” said Ola Doudin, CEO and Co-Founder of BitOasis. “ With the backing of CoinDCX for over a year now, we are accelerating that mission. Our ambition is clear: to reach one million users across the region by 2026," he added.
CoinDCX said with internet penetration exceeding 99% in UAE and nearly 60% of the region’s population under the age of 30, the GCC stands out as one of the most digitally native markets in the world, creating fertile ground for large-scale crypto adoption.
According to IMARC Consulting, the GCC crypto market was valued at $744.3 million in 2024 and is projected to reach $3.5 billion by 2033, growing at a CAGR of 16.75%. Also, about 38% of crypto users in the region have annual incomes exceeding $15,000.
Since its inception in 2016, BitOasis has processed over $7.4 billion in trading volume and raised over $40 million in funding. Established in 2018, CoinDCX has over 15 million registered users.