Crypto Platform BitOasis Fetches US$30m Series B for MENA Expansion

Crypto Platform BitOasis Fetches US$30m Series B for MENA Expansion

UAE-headquartered digital asset trading platform BitOasis has closed its Series B fundraise at US$30 million, the company said in a statement.

Chicago-based VC firm Jump Capital and UAE-based existing backer Wamda Capital co-led the round. It also featured new participating investors Alameda Research and Global Founders Capital, with existing investors such as Pantera Capital, Digital Currency Group, and NXMH.

The 2015-founded company, which is available across the MENA region, will use the funds to expand regionally, and to acquire licenses and ensure regulatory compliance, Ola Doudin, CEO and co-founder of BitOasis said.

Doudin added that the company is also looking to strengthen its presence and product offering in existing markets, and build strategic partnerships with the public sector over crypto safety.

Ola Doudin, CEO and co-founder of BitOasis

Ola Doudin

“[The investment round] further speaks to the state of interest in the MENA region’s growing crypto ecosystem, with global investors and venture capital heavyweights backing the region’s home-grown businesses,”

Doudin also said.

Earlier this year, BitOasis registered over US$3 billion in trading volumes during H1, doubling its user base comparative to H1 2020. It also saw increased interest from regional family offices and institutional investors, the company said in an earlier statement.

Crypto takes roots in the MENA region

The MENA region is seeing an uptick in crypto interest.

Recently, Dubai World Trade Centre Authority (DWTCA) free zone announced that it would officially be allowing crypto trading and related services. Trading platform Sarwa, based in Dubai, launched a crypto portfolio this year, while BitOasis secured approvals from Abu Dhabi’s Financial Services Regulatory Authority as well.

Further, The Bitcoin Fund registered in Nasdaq Dubai this year, and the emirate also has a dedicated crypto centre.

Other crypto players in the region include Bahrain’s Rain, which secured US$6 million in funding this year, CoinMENA, which was recently licensed by the Central Bank of Bahrain, and Abu Dhabi’s Matrix (which received approvals last year).

Featured image: edited from Unsplash

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