Dubai-based cryptocurrency exchange BitOasis is expanding into the Middle East and North Africa (MENA) region with another major funding round.
BitOasis has closed a $30 million Series B funding round led by Chicago-based Jump Capital and Dubai-based venture capital firm Wamda Capital, according to an announcement Tuesday.
Wamda previously invested in BitOasis back in 2016, where it led an initial funding round with an undisclosed amount. The latest round included 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 Belgium-based investment firm NXMH.
BitOasis co-founder and CEO Ola Doudin said the new funding will help the cryptocurrency exchange increase its presence in the MENA region as well as ensure regulatory compliance.
“We see a lot of potential for crypto adoption in the MENA region. We also believe that the right regulation along with investor awareness and education initiatives will lead to widespread adoption of crypto assets in the region.”
“The upcoming funding will provide us with the resources we need to build the largest and most trusted cryptocurrency platform in the region. Expansion outside the MENA region is also on the table and will happen in due course.”
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Dowden said BitOasis also aims to forge strategic partnerships with the public sector in order to raise crypto security awareness. The exchange recently partnered with the Dubai Police Force to educate the public about fraudulent schemes related to cryptocurrency investments and trading.
Launched in 2015, BitOasis is one of the oldest cryptocurrency exchange platforms in the MENA region. BitOasis has seen some exponential 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 company was preparing to launch a licensed crypto exchange in the Middle East.
