Dubai-based crypto exchange BitOasis has received significant funding from Indian competitor CoinDCX. The undisclosed amount of CoinDCX’s investment should enable BitOasis to become one of the leading providers of digital assets in the Middle East.
Successful fund-raising for BitOasis
Dubai-based cryptocurrency exchange BitOasis has just completed a major fund-raising operation. As part of this operation, BitOasis announces that it has secured a major financial investment from CoinDCX, the most important and popular crypto exchange in India. The exact amount of the investment was not disclosed.
This investment is of paramount importance for both crypto exchanges. Indeed, since its creation in 2018, CoinDCX had never before operated in the Middle East and North Africa region (MENA). This investment therefore represents the platform’s first entry into this market, which is one of the largest in the world ! Indeed, the Middle East is at the forefront of cryptocurrency adoption.
For its part, BitOasis looks set to benefit greatly from the funding. In particular, the Dubai-based exchange intends to use the funds received from CoinDCX to enhance its existing products and expand its operations. BitOasis hopes to strengthen its position as the leading provider of virtual asset services in the Middle East and North Africa.
This investment will enable us to focus more on enhancing our existing products and expanding in our markets. We are very excited about the opportunities that the financing will open up for us.Ola Doudin, cofounder and CEO of BitOasis.
A promising leader yet to prove itself in UAE
Established in 2016, BitOasis facilitates the trading of nearly 60 cryptocurrencies in 15 countries across the Middle East and North Africa. The platform is arguably one of the most prolific providers of crypto asset services in the region. In the past year, BitOasis has allied with Mastercard to launch crypto payment cards in the Middle East and North Africa. What about elsewhere, such as the United Arab Emirates (UAE)?
Even so, the BitOasis platform is not in the odor of sanctity in all the countries of the region. The exchange recently withdrawn its MVP license by Dubai’s crypto regulator for non-compliance with mandatory conditions. BitOasis was not defeated. The platform is working with VARA to recover its MVP license and obtain a higher-ranking FMP license.
We hope this funding from CoinDCX will help BitOasis comply with the rules of VARA, Dubai’s crypto regulator. The platform’s stated ambition to be the leader in the Middle East seems realistic. However, it cannot be achieved without an effective presence in Dubai, the dynamic region’s crypto hub.
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