October 6, 2021

UAE-based Bitcoin exchange BitOasis raises $30m

United Arab Emirates-based crypto-exchange BitOasis has closed a $30m Series B funding round led by venture capital firms Jump Capital and Wamda.

Existing investors in the platform Pantera Capital, Digital Currency Group, NXMH, and new investors Alameda Research and Global Founders Capital participated in the session.

The exchange will use the capital raised to expand its business in the Middle East and North Africa, BitOasis co-founder and CEO Ola Dudin said.

We are actively working with regulators and will obtain the necessary licences where available, she added.

In addition to geographical expansion, Dudin said the company plans to work with government agencies in the countries where it operates to raise public awareness about cryptocurrency security.

The trading platform also intends to consolidate business in the jurisdictions where it operates and build up its product line as per its growth strategy, the press release said.

As a reminder, Wamda led the previous BitOasis funding round in 2016.

In 2017, the Dubai-based exchange announced expansion into Saudi Arabia, Kuwait, Qatar, Bahrain and Oman.

In September 2021, Dubai's regulator approved cryptocurrency trading in the World Trade Centre Free Zone in the emirate.

Jack Evans

About the author

I became a crypto asset owner in 2014, when the industry was in its infancy. Before that, I was working in the classic US and European stock markets. Since then, I have gained extensive experience in both cryptocurrency investing and day trading. I am happy to share with readers my experience with crypto exchanges, DeFi and NFT instruments. 

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