BitOasis is a cryptocurrency trading platform based in Dubai and which is expanding its reach in the Middle East and North Africa (MENA). BitOasis secured funding during a funding round in order to achieve its expansion into new markets in the Middle East and North Africa, and hence establish itself as the biggest cryptocurrency platform in the region. While the expansion plan is being carried out, the firm is also looking to consolidate its platform as the leader in the countries it is operating currently.
BitOasis secured $30 million of funding during a series B funding round which was led by Jump Capital and Wamda Capital. Jump Capital is a venture capital firm based in Chicago while Wamda Capital is a venture capital firm based in Dubai. This is the second round of funding which BitOasis will engage in to improve its operations. The first round was led by Wamda Capital in 2016 which secured funds needed by the firm to maintain its operations.
BitOasis Plans To Expand Its Operations In MENA region
Ola Doudin, BitOasis co-founder and CEO, stated that the funding secured will help the firm grow and also allow the firm to comply with regulations guiding the industry. He also added that there is a lot of potential for adoption of cryptocurrency in the Middle East and North Africa region. He also said that increasing investor awareness and education initiatives with the appropriate regulations will result in increasing adoption of cryptocurrency assets in the MENA region.
BitOasis is a cryptocurrency trading firm that is ambitious in its goals and has the aim of expanding into the MENA region and also beyond the region, into the rest of the world. This is expected to happen as time goes on. The firm is also working with regulators in the region in order to get necessary licenses to be able to operate legally while following the regulations on ground.
BitOasis Partners With Public Sector
The firm is also seeking to establish partnerships with the public sector and this is to increase awareness about crypto security. These are not just plans, as some definite steps had been taken including the recent partnership with the police force to inform the public about fraud associated with cryptocurrency investments and trading. BitOasis is also looking to partner about raising the security of cryptocurrency, though details about this initiative is yet to be revealed.
BitOasis was launched in 2015 which makes it one of the oldest crypto exchanges in the Middle East and North Africa region. The exchange firm has been growing since then, with the company experiencing an increased growth this year. By the end of June 2021, BitOasis was already recording trading volumes of over $3 billion.