UAE-based cryptocurrency exchange BitOasis has raised $30 million in series B funding in a round led co-led by the Middle East’s Wamda and US-based venture capital fund, Jump Capital.
Founded in 2015, BitOasis is the Middle East region’s first and largest crypto-asset exchange. The fintech recently acquired regulatory approvals from the Abu Dhabi General Market (ADGM) and has partnered with both UAE and Dubai Police to help combat crypt fraud.
The platform aims to allow buying and selling of digital assets with local currencies, and will use the funding round to grow its existing markets.
“Our aim is to build the largest and most trusted cryptocurrency platform in the region, and our latest investment round serves as a vote of confidence in the BitOasis growth story. It further speaks to the state of interest in the Mena region’s growing crypto ecosystem, with global investors and venture capital heavyweights backing the region’s home-grown businesses. This new capital is going to equip us with the resources we need to expand our regional presence while ensuring high standards of regulatory compliance. We work proactively with regulators across the region and will acquire licenses where available,” Ola Doudin, CEO and co-founder of BitOasis said.
The fundraising round also included participation from new investors, such as Alameda Research and Global Founders Capital, with existing investors such as Pantera Capital, Digital Currency Group, and NXMH and is set to propel BitOasis on to an accelerated growth trajectory.
In August, BitOasis announced it delivered trading volumes exceeding $1.5 billion in the first half of 2021. In that time period, its user base doubled compared to the same period in 2020, with increased interest from institutional and family office investors in the region.
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