https://arab.news/6zxma
- The new funds will be used to expand the company’s presence in the region
DUBAI: UAE-based BitOasis has secured $30 million in its latest funding round, as the company ramps up efforts to support the cryptocurrency ecosystem in the Gulf state.
The Series B round was led by Chicago-based VC firm Jump Capital, along with Jordanian startup platform Wamda.
The new funds will be used to expand the company’s presence in the region, its founder Ola Doudin said, as well as to ensure “high standards of regulatory compliance.”
She said BitOasis has been working with regulators across the region to acquire relevant permits to operate.
“Our team is also working on building strategic partnerships with the public sector to raise the level of awareness around crypto safety in the region,” Doudin explained.
BitOasis will also use the money to improve its product, which is currently accessible in the UAE, Saudi Arabia, Bahrain, Kuwait, Oman, Jordan, Egypt, and Morocco.
The trading platform recently announced partnerships with UAE government bodies, such as the Dubai Police, to tackle important issues in the crypto space.
It comes as the UAE takes an active role in promoting blockchain technology, with the announcement of several initiatives that make it easier to for crypto players to transact.
“We have been working with key policymakers to help them build regulation that will make crypto safe for investors,” Ola Doudin, chief executive officer of BitOasis, said.