UAE crypto exchange BitOasis raises $30M to expand in MENA

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

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, according to a Tuesday announcement.

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.

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

“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,” Doudin told Cointelegraph, adding:

“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.”

Related: UAE regulators approve crypto trading in Dubai free zone

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

Launched in 2015, 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 in the first half of 2021 as well as a 200% increase in the number of users. 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.