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.
The trading platform recently announced partnerships with UAE government bodies, such as the Dubai Police, to tackle important issues in the crypto space.
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.
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