BitOasis, the popular Dubai-based crypto exchange platform has managed to raise about $30M in a Series B funding round. The funding round was co-led by the Middle East region’s leading startup ecosystem enabler Wamda and US-based VC Jump Capital. The funding round was also joined by several new investors. The new investors include Pantera Capital, Digital Currency Group, and NXMH. and they are set to propel BitOasis on to an accelerated growth trajectory.
BitOasis was founded back in 2015 and it’s been the first and largest crypto-asset exchange platform in the entire Middle East region. This particular fintech platform has managed to acquire the necessary regulatory approvals from ADGM also known as Abu Dhabi General Market. They also have partnered with both UAE and Dubai Police in a war against crypto fraud and that’s not all.
This particular raised fund comes from a surge of investment in Crypto and interest and Blockchain technology in the entire MENA and Gulf region as a whole. There are other startups that are counted as early-stage startups that include Pravica which has managed to raise $500K Pre-seed round. And it has made it possible to take its first pioneering step for blockchain technology integration in order to encrypt communication platforms. And on the other hand, other startups like Baraka have chosen the more traditional investment path which is providing free and direct access to over 5K US-listed securities. It is notable that the startup has managed to raise about $4M in a seed round earlier this year. The securities they provide direct access to includes stocks, Exchange Traded Funds (ETFs), and fractional shares with no minimum investment requirements. But with the latest fund they’ve managed to raise, it pretty much equates to 6% of all capital invested in FinTech in the MENA region by August 2021 which is observed in the most recent Venture Investment Report from August this year.
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.”
Before this, Wamda has already joined in three previous investment rounds in BitOasis which were market their continuation of support and strong belief in the future of both BitOasis and the crypto industry.
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.”
Ola Doudin also 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.”
