Dubai-based cryptocurrency exchange BitOasis expands to the Middle East and North Africa (MENA) with a new major round of funding.
According to an announcement on Tuesday, BitOasis has completed a $ 30 million round of funding for Series B led by Chicago-based Jump Capital and Dubai-based venture capital firm Wamda Capital.
Wamda previously invested in BitOasis back in 2016, where it had an initial round of financing with an unknown amount. The latest round saw the participation of new investors such as cryptocurrency exchange Sam Bankman Fried and Global Founders Capital, as well as existing investors including Pantera Capital, Digital Currency Group and the Belgian investment company NXMH.
BitOasis founder and CEO Ola Dudin said the new funding will help cryptocurrency exchanges grow their presence in the MENA region, as well as ensure regulatory compliance.
“We see great potential for cryptocurrency adoption in the MENA region. We also believe that proper regulation, as well as investor awareness and education initiatives, will lead to widespread use of cryptocurrencies in the region.”
“The forthcoming funding will provide us with the resources we need to build the largest and most reliable cryptocurrency platform in the region. Expansion outside the MENA region is also expected and will take place over time. ”
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Dowden said that BitOasis also wants to forge strategic partnerships with the public sector to raise awareness of crypto security. The exchange recently partnered with Dubai Police to educate the public about cryptocurrency investments and trading in fraudulent schemes.
Launched in 2015, BitOasis is one of the oldest cryptocurrency exchange platforms in the MENA region. BitOasis has experienced some exponential growth this year, with a trading volume of over $ 3 billion at the end of the first half of 2021. BitOasis received regulatory approval from Abu Dhabi International Market in May as it prepares to launch a licensed cryptocurrency exchange in the Middle East.