UAE-based cryptocurrency exchange BitOasis has completed a $30m series B round featuring quantitative trading firm Alameda Research.
Venture capital firms Jump Capital and Wamda Capital co-led the round, which was filled out by Global Founders Capital, Pantera Capital, NXMH and Digital Currency Group.
BitOasis runs an online platform that lets users buy, sell and trade cryptocurrencies, and surpassed $3bn in total trading volume in August this year. It plans to use the capital to fuel its expansion across the Middle East and North Africa and bolster its regulatory compliance.
Wamda Capital had already led a seed round of undisclosed size for the company in 2016 that also featured payment processor Payfort, Digital Currency Group and angel investors including Samih Toukan.
Ola Doudin, co-founder and chief executive of BitOasis, said: “Our aim is to build the largest and most trusted cryptocurrency platform in the region and our latest investment round serves as a vote of confidence in the BitOasis growth story.
“It further speaks to the state of interest in the [Middle East and North Africa] region’s growing crypto ecosystem, with global investors and venture capital heavyweights backing the region’s home-grown businesses.”
“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.”
