UAE crypto exchange BitOasis raises $30M to expand in MENA

UAE crypto exchange BitOasis raises $30M to expand in MENA

BitOasis, a Dubai-based cryptocurrency trading platform, is expanding in the Middle East & North Africa (MENA), with another major funding round.

According to BitOasis’ Tuesday announcement, BitOasis has closed a $30 million Series B financing round. It was led by Jump Capital in Chicago and Wamda Capital in Dubai.

Wamda was a previous investor in BitOasis in 2016 in a seed round of funding. New investors included Alameda Research’s crypto trading company, Sam Bankman-Fried, and Global Founders Capital. Existing investors include Pantera Capital and Digital Currency Group, and NXMH, a Belgia-based investment firm.

BitOasis CEO Ola Doudin, co-founder of BitOasis, stated that the new funding will allow the exchange to expand its presence in the MENA region and ensure regulatory compliance.

“We see a lot potential for crypto adoption in the MENA region.” Doudin said that he believes the region will see mass adoption of crypto assets if there is the right regulation and investor awareness.

“The funding will provide us with the resources necessary to create the most trusted and largest cryptocurrency platform in the region. The expansion of the MENA region beyond is also possible and will occur in the future.

Related: UAE regulators approve cryptocurrency trading in Dubai-free zone

Doudin stated that BitOasis also seeks to establish strategic partnerships with the government to increase awareness about crypto security. To educate the public about frauds in crypto trading and investments, the exchange has partnered with Dubai Police Force.

BitOasis was established in 2015 and is one of the most prominent crypto exchanges in the MENA. BitOasis experienced a rapid growth with trading volumes exceeding $3Billion in the first half 2021 and a 200% increase of users. BitOasis was set to launch a licensed cryptocurrency exchange in the Middle East when it received regulatory approvals from Abu Dhabi Global Market in May.

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