UAE crypto asset exchange BitOasis closes $30mln funding

Middle East and North Africa’s leading crypto asset exchange has wrapped up its Series B round, closing $30 million in funding from global and regional investors.

The funding round was co-led by Chicago-based VC firm Jump Capital, along with MENA region’s Wamda who believe in BitOasis’ accelerated growth trajectory. New investors that joined the funding round include Alameda Research and Global Founders Capital, along with existing investors: Pantera Capital, Digital Currency Group, and NXMH. 

“Our aim is to build the largest and most trusted cryptocurrency platform in the region,” Ola Doudin said. “And 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.”

According to Ola Doudin, “this new capital is going to equip us with the resources we need to expand our regional presence while ensuring high standards of regulatory compliance. We work proactively with regulators across the region and will acquire licenses where available.”

Peter Johnson, Partner at Jump Capital joined the discussion and said, “we are thrilled to be backing BitOasis as they continue to scale the leading crypto platform in the Middle East.”  

He believed that “the company perfectly embodies the elements we seek when investing in international crypto exchanges – an exceptional team that deeply understands the market, a focus on regulatory compliance, and an ability to build a leading consumer brand.”

Fares Ghandour, Partner at Wamda commented, “BitOasis is a testament to the fact that you need passionate founders, a solid team, and a culture of unity to build a resilient and world-class business, and that’s exactly what this company is. Wamda is as proud as ever to back the region’s leading and most credible exchange since their inception.” 

Source: https://www.insight-world.co/uae-crypto-asset-exchange-bitoasis-closes-30mln-funding/

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