Dubai-based crypto exchange BitOasis announced that it has closed a $30 million funding round.
The round included new & existing investors
Jump Capital and Wamda led the Series B round. Alameda Research is one of the company its new investors, and its previous investors’ are Digital Currency Group, NXMH, and Pantera Capital. The investment appears to be a response to the growing crypto ecosystem in the MENA region, as Peter Johnson, partner at Jump Capital, said, “we are thrilled to be backing BitOasis as they continue to scale the leading crypto platform in the Middle East.”
According to Ola Doudin, co-founder of BitOasis, “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.”
Dubai aims to become a crypto hub
It looks like Dubai is becoming a crypto hub. Earlier this year, Dubai’s financial regulator said it would develop a regulatory framework for the industry. That pledge led to 3iQ Corp deciding to list its bitcoin fund (QBTC) on the Nasdaq Dubai exchange. Because of the recently announced Dubai free zone, local authorities remain open to any project aimed at deploying blockchain technologies in the region.
The Dubai Multi Commodities Centre has also announced the launch of the DMCC Crypto Centre, an ecosystem for companies involved in crypto and blockchain. Located in Almas Tower, the DMCC Crypto Centre is set to become a hub for developing and applying crypto and blockchain technologies. It will provide a home for all types and sizes of crypto companies, from companies developing blockchain-enabled trading platforms to companies offering, issuing, listing, and trading crypto assets.