UAE crypto exchange BitOasis raises $30M to expand 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 line with 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, corresponding to Sam Bankman-Fried’s crypto buying and selling agency Alameda Analysis, and World Founders Capital, in addition to current buyers, together with Pantera Capital, Digital Foreign money Group and Belgium-based funding agency NXMH.

The brand new funding will assist the crypto trade 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 lots of potential for crypto adoption throughout 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 informed Cointelegraph, including:

“The funding coming in will equip us with the assets we have to construct the most important and most trusted cryptocurrency platform within the area. Growth past the MENA area can also 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 as a way to increase consciousness about crypto safety, Doudin mentioned. The trade lately partnered with the Dubai Police Pressure to teach the general public about fraudulent schemes associated to crypto investments and buying and selling.

Launched in 2015, BitOasis is likely one of the oldest crypto exchanges within the MENA area. BitOasis noticed some accelerated progress 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 Could, BitOasis acquired regulatory approvals from the Abu Dhabi World Market because the agency was getting ready to launch a licensed crypto trade within the Center East.