UAE crypto exchange BitOasis raises $30M to broaden in MENA
Dubai-based cryptocurrency buying and selling platform BitOasis is increasing within the Middle East and North Africa (MENA) with one other main funding spherical.
BitOasis closed a $30-million Series B funding spherical led by Chicago-based enterprise capital agency Jump Capital and Dubai-based VC firm Wamda Capital, in response to a Tuesday announcement.
Wamda beforehand invested in BitOasis again in 2016, leading a seed funding spherical of an undisclosed sum. The newest spherical included new traders, reminiscent of Sam Bankman-Fried’s crypto buying and selling agency Alameda Research, and Global Founders Capital, in addition to present traders, together with Pantera Capital, Digital Currency Group and Belgium-based funding agency NXMH.
The new funding will assist the crypto exchange to additional develop its presence within the MENA area in addition to guarantee regulatory compliance, BitOasis co-founder and CEO Ola Doudin stated.
“We see a lot of potential for crypto adoption within the MENA region. We also believe that the right regulation coupled with investor awareness and education initiatives is going to drive mass adoption of crypto assets in the region,” Doudin advised Cointelegraph, including:
“The funding coming in will equip us with the resources we need to build the largest and most trusted cryptocurrency platform in the region. Expansion beyond the MENA region is also on the cards and will happen in due course.”
Related: UAE regulators approve crypto buying and selling in Dubai free zone
BitOasis additionally goals to forge strategic partnerships with the general public sector as a way to elevate consciousness about crypto safety, Doudin stated. The exchange just lately partnered with the Dubai Police Force to teach the general public about fraudulent schemes associated to crypto investments and buying and selling.
Launched in 2015, BitOasis is among the oldest crypto exchanges within the MENA area. BitOasis noticed some accelerated development this 12 months, with buying and selling volumes exceeding $3 billion within the first half of 2021 in addition to a 200% improve within the variety of customers. In May, BitOasis received regulatory approvals from the Abu Dhabi Global Market because the agency was getting ready to launch a licensed crypto exchange within the Middle East.