The Dubai-based crypto exchange BitOasis is expanding in the Middle East and North Africa (MENA) with another large financing round.
BitOasis has closed a $ 30 million Series B financing round led by Chicago-based venture capital firm Jump Capital and Dubai-based VC firm Wamda Capital, according to an October 5 announcement.
Wamda invested in BitOasis back in 2016 and led a seed financing round with an undisclosed amount. The latest round includes new investors such as the crypto trading company Alameda Research and Sam Bankman-Frieds Global Founders Capital, as well as existing investors such as Pantera Capital, Digital Currency Group and the Belgian-based investment firm NXMH.
The new funding will help the crypto exchange further expand its presence in the MENA region and ensure regulatory compliance, said Ola Doudin, Co-Founder and CEO of BitOasis.
“We see a lot of potential for the introduction of crypto in the MENA region. We also believe that proper regulation along with investor awareness and educational initiatives will drive mass adoption of crypto assets in the region, ”Doudin told Cointelegraph, adding. :
“The incoming capital will provide us with the necessary resources to build the largest and most trustworthy crypto platform in the region. Expansion beyond the MENA region is also on the list and will take place in due course. “
Related: The UAE regulators approve cryptocurrency trading in the Dubai Free Zone
BitOasis also aims to build strategic partnerships with the public sector to raise awareness about crypto security, Doudin said. The exchange recently teamed up with the Dubai Police Force to educate the public about fraudulent systems related to trading and investing in cryptocurrencies.
BitOasis was launched in 2015 and is one of the oldest cryptocurrency exchanges in the MENA region. BitOasis has seen rapid growth this year, with trading volumes exceeding $ 3 billion in the first half of 2021 and user numbers up 200%. In May, BitOasis received regulatory approval from Abu Dhabi Global Markets as the company prepared to launch a licensed crypto exchange in the Middle East.