Dubai crypto exchange BitOasis nabs $30 mn in Series B

 Dubai crypto exchange BitOasis nabs $30 mn in Series B

The UAE-based crypto asset exchange BitOasis has raised $30 million in a Series B funding round led by Dubai-based Wamda and Chicago-based venture capital firm Jump Capital.

Other new investors who backed the company in this round were Alameda Research and Global Founders Capital.

Existing investors Pantera Capital, Digital Currency Group and NXMH are committed fresh capital in this round.

The company said it will use the money to grow its business into regions beyond the Middle East and North Africa region that it is currently focussed on.

“Our aim is to build the largest and most trusted cryptocurrency platform in the region,” said Ola Doudin, CEO and co-founder of BitOasis.

“Our latest investment round serves as a vote of confidence in the BitOasis growth story. It 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 said.

The Dubai-based startup was founded in 2015 by Doudin and Daniel Robenek. It is among the biggest cryptocurrency exchanges in the Middle East region. It offers 15 crypto assets to be bought, sold and traded in exchange for the UAE Dirham.

The platform is currently available to users in the UAE, Saudi Arabia, Bahrain, Kuwait, Oman, Jordan, Egypt and Morocco.

Many crypto platforms worldwide have posted strong growth over the past year or so as investor interest in cryptocurrencies surged. For instance, earlier in the day Indian cryptocurrency exchange CoinSwitch Kuber said it had raised $260 million in a Series C round that pushed its valuation to $1.9 billion.

Aman Malik

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