Dubai-based crypto trading platform called BitOasis is reportedly expanding in the Middle East and North America (MENA). The expansion is expected to start after the latest massive funding round.
BitOasis closed a $30M Series B funding round that was spearheaded by Chicago-based venture capital company Jump Capital together with Dubai-based VC company Wamda Capital, based on an October 5 announcement. BitOasis CEO Ola Doudin said:
“Our aim is to build the largest and most trusted cryptocurrency platform in the region.”
Back in 2016, Wamda invested in BitOasis leading a seed funding round of an unpublished amount. The recent Series B funding round included new investors like Sam Bankman-Fried’s cryptocurrency trading company Alameda Research, and Global Founders Capital. Some existing investors also participated in the funding round including Digital Currency Group, Pantera Capital, and Belgium-based investment firm NXMH.
This new funding will enable the cryptocurrency exchange to also grow its presence in the MENA zone and guarantee regulatory compliance, as explained by BitOasis co-founder and CEO Ola Doudin. The CEO said:
“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.
“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.”
BitOasis also strives to forge strategic partnerships with the public industry to raise awareness about crypto security. Recently, the exchange partnered with the Dubai Police Force to educate the public about illegal schemes that are related to cryptocurrency and digital assets investments and trading.
Unveiled in 2015, BitOasis is currently one of the oldest cryptocurrency exchanges operating in the Middle East and North America (MENA) region. BitOasis saw some rapid growth in 2021, with trading volumes surpassing $3 billion in the first half of the year and a 200% increase in the number of users.
In May 2021, the crypto exchange received regulatory approvals from the Abu Dhabi Global Market as the company was preparing to launch a licensed cryptocurrency exchange to dominate the Middle East.
