BitOasis Expands In MENA With Another Major Funding Round



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


It has been reported that BitOasis closed a $30 million Series B funding round led by Chicago-based venture capital firm Jump Capital and Dubai-based VC company Wamda Capital.


However, Wamda previously invested in BitOasis back in 2016, leading a seed funding round of an undisclosed sum. The latest round included new investors, such as Sam Bankman-Fried’s crypto trading firm Alameda Research, and Global Founders Capital, as well as existing investors, including Pantera Capital, Digital Currency Group, and Belgium-based investment firm NXMH.


Ola Doudin, the co-founder and CEO of BitOasis, said that the new funding will help the crypto exchange to further grow its presence in the MENA region as well as ensure regulatory compliance.


Doudin added:

“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.”

Doudin further said that BitOasis also aims to forge strategic partnerships with the public sector in order to raise awareness about crypto security. The exchange recently partnered with the Dubai Police Force to educate the public about fraudulent schemes related to crypto investments and trading.

The report said that BitOasis is one of the oldest crypto exchanges in the MENA region. BitOasis saw some accelerated growth this year, with trading volumes exceeding $3 billion at the end of the first half of 2021.


Thus, in May, BitOasis received regulatory approvals from the Abu Dhabi Global Market as the firm was preparing to launch a licensed crypto exchange in the Middle East.


Source: Cointelegraph



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