Dubai-headquartered digital asset exchange BitOasis has raised USD 30 million in a Series B round co-led by US VC firm Jump Capital and returning investor Wamda, the company announced in a statement. The round was also joined by Alameda Research, Global Founders Capital, and existing investors Pantera Capital, Digital Currency Group, and NXMH.
Founded in 2015 by Ola Doudin and Daniel Robenek, BitOasis enables users in the Middle East to buy, sell, and store crypto assets, including Bitcoin, Ethereum, Ripple, Tether, Bitcoin Cash, Litecoin, and a few other tokens. According to its website, its services are currently available in UAE, Saudi Arabia, Kuwait, Bahrain, Oman, Egypt, Jordan, and Morocco, but the withdrawals are only available in AED for banks in the UAE, Kuwait, Bahrain, and Oman.
It claims to be the oldest crypto exchange in the region but now faces competition from different players including Coinbase-backed, Bahrain-headquartered Rain.
BitOasis wants to build the largest and most trusted cryptocurrency platform in the Middle East and North Africa, stated its co-founder and CEO Ola Doudin in a statement. “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 homegrown businesses,” she said.
Doudin also said that the latest funds will equip the company with the resources it needs to expand its 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, said, “We are thrilled to be backing BitOasis as they continue to scale the leading crypto platform in the Middle East. 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, said, “BitOasis is 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.”
The startup plans to use the funds for geographical expansion and solidify its presence in existing markets.
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This article first appeared in MENAbytes.