Indian cryptocurrency powerhouse CoinDCX has strategically acquired BitOasis, a fellow trading platform, for an undisclosed sum. This acquisition signifies CoinDCX’s ambitious venture into the Middle East and North Africa (MENA), marking its inaugural international expansion.

The transaction aligns with BitOasis recently securing a license to operate as a broker-dealer in Bahrain. Furthermore, the Dubai-based firm holds regulatory licenses in the United Arab Emirates, fortifying its standing in the region. The acquisition is set to bolster BitOasis’s expansion endeavors throughout MENA, as disclosed in a blog post on Wednesday.

CoinDCX, which had previously infused capital into BitOasis in August, stands as one of India’s leading crypto exchanges, with a substantial user base exceeding 15 million and quarterly spot trading volumes surpassing $840 million. According to a CoinGecko report from roughly a year ago, CoinDCX was ranked as India’s third-largest crypto exchange, commanding a 6.6% market share, trailing behind Bitbns and WazirX at 79% and 11%, respectively.

Since its inception in 2016, BitOasis has facilitated a cumulative trading volume of $6 billion, averaging approximately $188 million per quarter over eight years.

“Our strategic expansion initiates with the MENA region, leveraging its sophisticated market dynamics and the populace’s robust interest in cryptocurrency investments,” remarked Sumit Gupta, co-founder of CoinDCX.

When approached by CoinDesk, CoinDCX opted not to disclose the financial specifics of the deal.