BitOasis, a leading virtual assets trading platform in the Middle East and North Africa, on Wednesday launched its operations in Bahrain as part of its regional expansion strategy.
The move is supported by its parent company, India’s largest crypto exchange CoinDCX, which acquired BitOasis in 2024 to tap into Africa’s growing crypto market.
BitOasis grows under robust regulatory framework
BitOasis Bahrain will operate under a Crypto-Asset Services License issued by the Central Bank of Bahrain, reinforcing its reputation as a compliant and trusted platform. The exchange is moving to cater for retail, corporate, and institutional users with a seamless trading experience.
To strengthen its presence, BitOasis has rolled out premium services for high-net-worth individuals (HNIs) and institutional clients, including VIP offerings and dedicated relationship support. The platform also facilitates local bank transfers across the Gulf Cooperation Council (GCC) to ensure smooth deposits and withdrawals.
“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. CoinDCX’s 200+ strong technology team now powers the platform’s backend, unlocking faster performance, deeper liquidity, stronger security, and a significantly enhanced product suite.”
The launch comes as the MENA region strengthens its position as one of the world’s fastest-growing virtual asset markets. Governments across the GCC, especially the UAE, are making notable investments in blockchain and digital infrastructure, encouraging a supportive environment for cryptocurrency adoption.
The region’s populations further bolster this growth. With internet penetration exceeding 99 percent in the UAE and nearly 60 percent of the population under 30, the GCC is one of the most digitally native markets worldwide. 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.
Additionally, about 38 percent of crypto users in the region earn annual incomes exceeding $15,000.
CoinDCX’s ambitious revenue target
CoinDCX, which acquired BitOasis to unlock new growth opportunities, sees the MENA region as a key revenue driver. Sumit Gupta, Co-Founder of CoinDCX, noted the region’s potential, citing clear regulations, growing investor interest, and larger HNI ticket sizes.
“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,” Gupta said.
Following the acquisition, BitOasis has secured a full Virtual Asset Service Provider (VASP) and License from Dubai’s Virtual Assets Regulatory Authority (VARA) in December 2024.
Meanwhile, CoinDCX, with over 15 million registered users, is leveraging its technological prowess to enhance BitOasis’ platform. “For CoinDCX, MENA is not a market to merely enter—it’s a region to co-build,” Gupta emphasized. “By joining forces, we’re creating a platform that’s local at heart but global in strength.”
As Gupta noted, the collaboration between CoinDCX and BitOasis is not just about expansion but transformation, building a secure, compliant, and future-ready crypto ecosystem in one of the world’s most promising markets.