Dubai-based BitOasis raises $30 million in Series B

Dubai-based cryptocurrency exchange BitOasis closed a $30 million Series B funding round. It was led by venture firms Jump Capital and Wamda.

Participants in the round included existing investors Pantera Capital, Digital Currency Group, NXMH, as well as new backers Alameda Research and Global Founders Capital.

The raised capital will go toward expanding the business in the Middle East and North Africa, said co-founder and CEO Ola Dudin.

“We are actively working with regulators and will obtain the necessary licenses where they exist,” she added.

According to Dudin, in addition to geographic expansion the company plans to cooperate with government authorities in the countries where it operates to raise awareness about cryptocurrency security.

The trading platform also intends to consolidate its business in the jurisdictions of presence and expand its product lineup in line with its growth strategy, according to the press release.

Wamda led BitOasis’s previous funding round in 2016.

In 2017 the Dubai-based exchange announced expansion into Saudi Arabia, Kuwait, Qatar, Bahrain and Oman.

In September 2021 the Dubai regulator approved cryptocurrency trading in the free zone of the World Trade Center in the emirate.

Subscribe to ForkLog news on Facebook.