UAE-based cryptocurrency exchange BitOasis raises $30M Series B
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UAE-based cryptocurrency exchange BitOasis has raised $30M in a Series B round co-led by Wamda, the Middle East region’s leading startup ecosystem enabler, and US-based VC Jump Capital. The fundraising round also included participation from new investors, such as Alameda Research and Global Founders Capital, with existing investors such as Pantera Capital, Digital Currency Group, and NXMH and is set to propel BitOasis on to an accelerated growth trajectory.
Founded in 2015, BitOasis is the Middle East region’s first and largest crypto-asset exchange. The fintech recently acquired regulatory approvals from the Abu Dhabi General Market (ADGM) and has partnered with both UAE and Dubai Police to help combat crypt fraud.
This latest investment comes amidst a surge of interest and investment in Cryptocurrency and Blockchain technologies in the GCC and MENA as a whole. Early-stage startups like Pravica who has recently raised $500K Pre-seed round has taken a pioneering step in integrating blockchain technology to encrypt communication platforms, on the other hand, other startups like Baraka (who has raised $4M Seed Round earlier this year) chose the more traditional investment path providing free and direct access to over 5,000 US-listed securities, including stocks, Exchange Traded Funds (ETFs), and fractional shares with no minimum investment requirements. Nonetheless, this latest investment equates to 6% of all capital invested in FinTech in MENA by August 2021 as most recently observed in our August 2021 Venture Investment Report.
In light of this pivotal Series B investment, Ola Doudin, CEO & co-founder of BitOasis commented “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. 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” Doudin concluded.
Wamda has participated in BitOasis' three previous investment rounds, marking their continued support and strong belief in the future of both BitOasis and the crypto space. Fares Ghandour, Partner at Wamda highlighted “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.”
With geographic expansion plans already on the cards for BitOasis, Ola also touched upon BitOasis’s growth plans for its existing markets. She commented: “In line with our ambitious growth strategy, we will also be working towards solidifying our presence and refining our product offering in the countries we already operate in.” This latest investment comes as a platform validation and booster as Peter Johnson, Partner at Jump Capital, concluded “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.”
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