Cryptocurrency platform BitOasis, located in Dubai, secures $30 million in Series B funding to boost expansion plans.
BitOasis, a Dubai-based digital asset exchange, has announced a successful Series B round, securing $30 million in funding. The round was co-led by Jump Capital and Wamda, with participation from Alameda Research, Global Founders Capital, Pantera Capital, Digital Currency Group, NXMH, and others.
Founded in 2015 by Ola Doudin and Daniel Robenek, BitOasis has established itself as the oldest crypto exchange in the region. Despite competition from other players like Coinbase-backed Bahrain-headquartered Rain, BitOasis continues to lead as a trusted platform for users in the Middle East.
BitOasis enables users to buy, sell, and store various crypto assets, including Bitcoin, Ethereum, Ripple, Tether, Bitcoin Cash, Litecoin, and others. Its services are currently available in UAE, Saudi Arabia, Kuwait, Bahrain, Oman, Egypt, Jordan, and Morocco, with withdrawals only available in AED for banks in the UAE, Kuwait, Bahrain, and Oman.
The latest funds will help BitOasis expand its regional presence while ensuring high standards of regulatory compliance. BitOasis works proactively with regulators across the region and plans to acquire licenses where available. This commitment to regulatory adherence sets BitOasis apart from many global exchanges, providing legal assurance to its customers.
Ola Doudin, the co-founder and CEO of BitOasis, aims to build the largest and most trusted cryptocurrency platform in the region. Fares Ghandour, Partner at Wamda, expressed pride in backing BitOasis, the region's leading and most credible exchange. Peter Johnson, Partner at Jump Capital, is thrilled to be backing BitOasis as they continue to scale the leading crypto platform in the Middle East.
The competitive landscape for cryptocurrency exchanges in the Middle East, especially in the UAE, is robust and growing. Both BitOasis and Rain are recognized as leading local players, alongside global giants like Binance and Bybit. BitOasis is noted as the best licensed exchange in the Middle East, emphasizing its official regulatory compliance and trustworthiness in the region, while Rain is known for its low-fee structure and strong presence in Dubai.
The UAE and wider Middle East are becoming prominent crypto hubs due to favorable regulatory environments. This regulatory clarity benefits exchanges like BitOasis and Rain by providing a conducive environment for growth. Besides these local and international exchanges, events like the Future Blockchain Summit in Dubai and regional campaigns by companies like Bitget highlight the region’s growing ecosystem momentum, fostering education, adoption, and innovation in crypto and blockchain technology.
In summary, BitOasis leads as the regulated, licensed local exchange, providing trusted access to the crypto market in the Middle East. While Rain is a noted competitor focusing on low fees and user accessibility, both operate within an expanding, increasingly crypto-friendly Middle Eastern environment that simultaneously attracts major international exchanges, making the competitive landscape dynamic and multifaceted.
- With the recently secured $30 million in funding, BitOasis aims to use the funds for technology advancements in investing and finance, aiming to further strengthen its position as the leading cryptocurrency exchange in the Middle East.
- As BitOasis works diligently with regulators to ensure high standards of compliance, it positions itself as a trusted platform for users in the region, distinguishing itself from many global exchanges through its commitment to regulatory adherence and legal assurance.
