Emirati crypto alternate BitOasis raises $30M to broaden in MENA


Dubai-based cryptocurrency buying and selling platform BitOasis is increasing within the Center East and North Africa (MENA) with one other main funding spherical.

BitOasis closed a $30-million Sequence B funding spherical led by Chicago-based enterprise capital agency Soar Capital and Dubai-based VC firm Wamda Capital, in response to a Tuesday announcement.

Wamda beforehand invested in BitOasis again in 2016, main a seed funding spherical of an undisclosed sum. The most recent spherical included new buyers, similar to Sam Bankman-Fried’s crypto buying and selling agency Alameda Analysis, and International Founders Capital, in addition to present buyers, together with Pantera Capital, Digital Foreign money Group and Belgium-based funding agency NXMH.

The brand new funding will assist the crypto alternate to additional develop its presence within the MENA area in addition to guarantee regulatory compliance, BitOasis co-founder and CEO Ola Doudin mentioned.

“We see a number of potential for crypto adoption inside the MENA area. We additionally consider that the precise regulation coupled with investor consciousness and training initiatives goes to drive mass adoption of crypto belongings within the area,” Doudin advised Cointelegraph, including:

“The funding coming in will equip us with the sources we have to construct the biggest and most trusted cryptocurrency platform within the area. Growth past the MENA area can be on the playing cards and can occur sooner or later.”

Associated: UAE regulators approve crypto buying and selling in Dubai free zone

BitOasis additionally goals to forge strategic partnerships with the general public sector with a purpose to increase consciousness about crypto safety, Doudin mentioned. The alternate lately partnered with the Dubai Police Power to coach 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 yr, 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 Could, BitOasis obtained regulatory approvals from the Abu Dhabi International Market because the agency was getting ready to launch a licensed crypto alternate within the Center East.