Dubai Crypto Exchange BitOasis Secures Investment from Jump Capital and Wamda – Here's the Latest
Dubai-based cryptocurrency exchange BitOasis has secured a round of funding from a group of investors, including Indian digital-asset platform CoinDCX.
According to a Friday report from Bloomberg, the specific terms of the deal and the valuation of the exchange have not been disclosed.
The report revealed that the recent funding round saw participation from existing investors Wamda Capital and Jump Capital.
BitOasis, which was launched in 2016, offers services in several countries in the Middle East, including the United Arab Emirates, Saudi Arabia, Bahrain, and Kuwait.
The Middle East and North Africa region has experienced significant growth in the cryptocurrency market, with Chainalysis research revealing that it was the fastest-growing market between mid-2021 and mid-2022.
This latest investment follows BitOasis' successful fundraising efforts back in 2021, during which it raised $30 million.
The company has been making significant strides in the industry, having received one of Dubai's "minimum viable product operational licenses" earlier this year, which allows BitOasis to offer broker-dealer services for digital assets to qualified investors.
However, the company faced a setback in July when it was reprimanded by Dubai authorities for not meeting the required conditions set by the local regulator.
At the time, the market alert informed investors and customers of BitOasis regarding ongoing supervisory controls and enforcement actions against the exchange.
“BitOasis is under review for not meeting mandated conditions, required to be satisfied within 30-60 day timeframes prior to being permitted to undertake any VARA regulated market activity.”
CoinDCX, on the other hand, recently achieved the status of India's first
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