The startup will look to channel the funding into expanding its regional presence.
Emirati cryptocurrency exchange startup, BitOasis, has successfully raised a pivotal Series B round of $30 million co-led by Wamda and US-based VC Jump Capital, with participation from Alameda Research and Global Founders Capital as well.
As the MENA region’s first and largest crypto-asset exchange, the startup recently obtained regulatory approvals from the Abu Dhabi General Market (ADGM) since its founding in 2015. This new capital will equip the company with the necessary means to expand their regional presence and ensure higher standards of regulatory compliance. Their plans following the investment include solidifying their presence and refining their product offering in the countries that they currently operate.
“Our aim is to build the largest and most trusted cryptocurrency platform in the region, 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,” said Ola Doudin, CEO & co-founder of BitOasis.
This investment comes amidst a surge of interest in the world of cryptocurrency, with younger startups like Pravica or Baraka raising $500,000 and $4 million respectively earlier this year.