Indian cryptocurrency exchange CoinDCX has acquired fellow trading platform BitOasis, marking its entry into the Middle East and North Africa (MENA) region and its first international expansion. The financial details of the deal remain undisclosed.

The acquisition follows BitOasis securing a license to operate as a broker-dealer in Bahrain. The Dubai-based company is also licensed in its native United Arab Emirates. This acquisition will bolster BitOasis’ expansion across the MENA region, according to a blog post by CoinDCX on Wednesday.

CoinDCX, which had previously invested in BitOasis in August, is one of India’s leading crypto exchanges, with a user base exceeding 15 million and quarterly spot trading volumes surpassing $840 million. A report by CoinGecko around a year ago ranked CoinDCX as India’s third-largest crypto exchange, with a 6.6% market share, trailing behind Bitbns and WazirX, which hold 79% and 11% market shares, respectively.

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

“Our expansion strategy begins with the MENA region, capitalizing on its mature market and the population’s keen interest in crypto investment,” said Sumit Gupta, co-founder of CoinDCX.