Dubai-based crypto exchange BitOasis has raised funding from investors in a new investment round, according to a Bloomberg report. The company says the funding will allow it to expand its operations and products.
Indian-based crypto exchange CoinDCX was listed as one of the investors in the funding round. Other existing BitOasis investors, Wamda Capital and Jump Capital, also joined in the round, the company said.
The company says the investment received in the round will help it break into other markets. Speaking on the development, BitOasis co-founder and chief executive Ola Doudin noted, “The investment will allow us to sharpen our focus on perfecting our existing products and expanding across our markets.”
Likewise, Sumit Gupta, co-founder and chief executive of CoinDCX, said his company was impressed with BitOasis. Notably, the CoinDCX executive praised the company for its product offering and strong leadership. He also referred to the company’s customer service, which he said was done “in the most secure and compliant manner.”
With the Middle East and North Africa identified as potential hot spots for crypto-related activities, BitOasis believes the investment will help it tap into this opportunity. However, the company failed to disclose the amount raised during the investment round.
Launched in 2016, BitOasis offers services to customers in countries based in the Middle East region. Since its launch, the company claims it has processed over $5 billion in trade volume and received over $35 million in investments.
This investment round follows recent acts of the company to steady itself as a significant player in the region. Earlier this year, the company announced that it had secured a license from Dubai’s regulator to offer investors a first-of-its-kind broker-dealer digital assets services.
However, that license had since been revoked after regulators accused the company of missing mandated conditions. The company has been working with the regulator to repeal the ban on its operational license.