- Wamda Capital and Jump Capital also participated in the most recent investment round.
- This new investment follows $30M in funding that BitOasis successfully obtained in 2021.
BitOasis, a crypto exchange based in Dubai, has raised capital from a number of sources, one of which being the Indian trading platform CoinDCX. Bloomberg reported on Friday that details of the agreement, including its worth and the parties involved, remained undisclosed.
Both Wamda Capital and Jump Capital also participated in the most recent investment round. Launched in 2016, BitOasis serves customers mostly in the Middle Eastern nations. Chainalysis data shows that between mid-2021 and mid-2022, the crypto market in the MENA region grew at double the rate of any other place.
Strategic Move
This new investment follows $30 million in funding that BitOasis successfully obtained in 2021. Gaining one of Dubai’s operational MVP license earlier this year, BitOasis is now ready to provide broker-dealer services for digital assets to accredited investors, marking a big step forward in the company’s development.
Unfortunately, the firm was dealt a blow in July when it was penalized by Dubai authorities for failing to adhere to the regulations imposed by the governing body. There were continuing regulatory controls and enforcement measures against BitOasis. Dubai has been attracting crypto firms with its crypto-friendly rules but has a strict approach when it comes to compliance.
On the other hand, after acquiring over $90 million from investors headed by B Capital Group, CoinDCX has become India’s first cryptocurrency unicorn. Amid the ongoing regulatory uncertainty in India in regards to the crypto sector, CoinDCX had laid off 12% of its workforce a week ago.
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