Dubai-based crypto exchange BitOasis raises $30 million Series B to accelerate growth

Dubai-based crypto exchange BitOasis raises $30 million Series B to accelerate growth

Dubai-headquartered digital asset exchange BitOasis has raised $30 million in a Series B round co-led by US VC firm Jump Capital and returning investor Wamda, it announced in a statement today. The round was also joined by Alameda Research, Global Founders Capital, and existing investors including; 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 others. According to its website, its services are currently available in UAE, Saudi Arabia, Kuwait, Bahrain, and 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 region, 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