UAE cryptocurrency exchange BitOasis raises US$30 million for expansion in MENA

BitOasis, a cryptocurrency trading platform based in Dubai, is making another major round of financing in the Middle East and North Africa (MENA).

According to reports on Tuesday, BitOasis completed a US$30 million Series B financing led by Chicago venture capital firm Jump Capital and Dubai venture capital firm Wamda Capital. announcement.

Wamda invested in BitOasis as early as 2016, lead An undisclosed amount of seed round financing. The latest round of financing includes new investors such as Sam Bankman-Fried’s crypto trading firm Alameda Research and Global Founders Capital, as well as existing investors such as Pantera Capital, Digital Currency Group, and Belgian investment company NXMH.

BitOasis co-founder and CEO Ola Doudin stated that the new funds will help cryptocurrency exchanges further expand their influence in the MENA region and ensure compliance.

“We see great potential for the adoption of cryptocurrency in the Middle East and North Africa. We also believe that proper regulation coupled with investor awareness and education initiatives will drive the large-scale adoption of crypto assets in the region,” Doudin told Cointelegraph, adding:

“The incoming funds will provide us with the resources needed to build the largest and most trusted cryptocurrency platform in the region. Expansion beyond the Middle East and North Africa region is also under consideration and will proceed in due course.”

related: UAE regulator approves crypto transactions in Dubai Free Zone

Doudin said that BitOasis also aims to establish strategic partnerships with the public sector to increase awareness of cryptographic security.Recent exchanges Cooperation with Dubai Police Force Educate the public about fraudulent schemes related to crypto investments and transactions.

BitOasis was launched in 2015 and is one of the oldest cryptocurrency exchanges in the Middle East and North Africa. BitOasis has seen some accelerated growth this year, with transaction volume Exceed It will reach USD 3 billion in the first half of 2021, and the number of users will increase by 200%. In May, BitOasis received Regulatory approval for the Abu Dhabi global market as the company is preparing to launch a licensed cryptocurrency exchange in the Middle East.