With another large investment round, Dubai-based cryptocurrency trading platform BitOasis is expanding throughout the Middle East and North Africa (MENA).
CEO Ola Doudin stated, “Our goal is to develop the largest and most reputable bitcoin platform in the region.”
According to a Tuesday release, BitOasis has concluded a $30 million Series B fundraising led by Chicago-based venture capital firm Jump Capital and Dubai-based venture capital firm Wamda Capital.
The Crypto exchange wants to expand
Wamda earlier invested in BitOasis in 2016, leading an undisclosed seed fundraising round. New buyers, including Sam Bankman-crypto Fried’s trading firm Alameda Research and Global Founders Capital, joined existing investors Pantera Capital, Digital Currency Group, and Belgium-based investment firm NXMH in the newest round.
According to BitOasis co-founder and CEO Ola Doudin, the additional capital will help the crypto exchange expand its position in the MENA area while also ensuring regulatory compliance.
“We believe the MENA area has a lot of potential for crypto adoption. “We also believe that the right regulation, in combination with investor awareness and education initiatives, will drive mass adoption of crypto assets in the region”, Doudin said. She added, “The funding coming in will equip us with the resources we need. In order to build the region’s largest and most trusted cryptocurrency platform”. Expansion outside of the MENA region is also planned and will take place in due time”.
According to Doudin, BitOasis also wants to form effective relationships with the government. In order to make people more aware of crypto security. The exchange recently teamed up with the Dubai Police Force to educate the public about cryptocurrency investment and trading scams.
BitOasis is one of the MENA region’s oldest cryptocurrency exchanges, having been founded in 2015. BitOasis witnessed significant growth this year. With trade volumes reaching $3B and a 200% increase in the number of users in the first half of 2021. The Abu Dhabi Global Market granted BitOasis regulatory approvals in May as the company prepared to operate a licenced crypto exchange in the Middle East.