UAE-based crypto-asset exchange BitOasis has closed a $30 million Series B funding round led by Chicago-based Jump Capital and Dubai-based Wamda. The round was also joined by Alameda Research, Global Founders Capital, and existing investors, including Pantera Capital, Digital Currency Group, and NXMH.
The new funds will be used to expand the company’s presence in the region, its founder Ola Doudin said, as well as to ensure “high standards of regulatory compliance.” While currently, the company claims to be the oldest crypto exchange in the region, serving the GCC and wider MENA markets, but it now faces competition from different players, including Coinbase-backed Bahrain-based Rain.
“Our team is also working on building strategic partnerships with the public sector to raise the level of awareness around crypto safety in the region,” Doudin explained.
Doudin stated: “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.”
She said BitOasis has been working with regulators across the region to acquire relevant permits to operate.
“In line with our ambitious growth strategy, we will also be working towards solidifying our presence and refining our product offering in the countries we already operate in,” Doudin added.
Founded in 2015 by Ola Doudin and Daniel Robenek, BitOasis enables users in the Middle East to buy, sell and store crypto assets, including Bitcoin, Ethereum, Ripple, Tether, Bitcoin Cash, Litecoin, and a few others. According to its website, its services are currently available in UAE, Saudi Arabia, Kuwait, Bahrain, and Oman, Egypt, Jordan, and Morocco but the withdrawals are only available in AED for banks in the UAE, Kuwait, Bahrain, and Oman.
As recently reported, the trading platform recently announced partnerships with UAE government bodies, such as the Dubai Police, to combat frauds in the crypto space.