United Arab Emirates-based crypto-exchange BitOasis has closed a $30 million Series B funding round led by venture capital firms Jump Capital and Wamda.
We're excited to announce the closing of our Series B funding co-led by @WamdaME & @Jumpcapital. This round will accelerate our expansion into new markets and further grow our products in existing oneshttp://ow.ly/44iL50GmHno
Participants included existing investors Pantera Capital, Digital Currency Group and NXMH, as well as new investors Alameda Research and Global Founders Capital.
The exchange will use the capital raised to expand its business in the Middle East and North Africa, BitOasis co-founder and CEO Ola Dudin said.
"We are actively working with regulators and will obtain the necessary licences where available," she added.
In addition to geographical expansion, Dudin said the company plans to work with government agencies in the countries where it operates to raise public awareness about cryptocurrency security.
The trading platform also intends to consolidate business in the jurisdictions where it operates and build up its product line as per its growth strategy, the press release said.
As a reminder, Wamda led the previous BitOasis funding round in 2016.
In 2017, the Dubai-based exchange announced expansion into Saudi Arabia, Kuwait, Qatar, Bahrain and Oman.
In September 2021, Dubai's regulator approved cryptocurrency trading in the World Trade Centre Free Zone in the emirate.