BitOasis Secures Investment: Dubai Crypto Exchange Jumps to $1.1B Valuation

  • BitOasis, a Dubai-based cryptocurrency exchange, has secured a round of funding from its existing investors Wamda Capital and Jump Capital.
  • The Middle East and North Africa region is the fastest-growing market for cryptocurrencies according to Chainalysis research.
  • CoinDCX achieved the status of India’s first cryptocurrency unicorn after raising approximately $90 million.

BitOasis Secures Investment from Jump Capital and Wamda

Dubai-based cryptocurrency exchange BitOasis has secured a round of funding from a group of investors, including Indian digital-asset platform CoinDCX. The specific terms of the deal and the valuation of the exchange have not been disclosed, however existing investors Wamda Capital and Jump Capital did participate in this recent funding round.

Growth in Crypto Market in Middle East & North Africa Region

The Middle East and North Africa region has experienced significant growth in the cryptocurrency market, with Chainalysis research revealing that it was the fastest-growing market between mid-2021 and mid-2022. BitOasis had previously raised $30 million back in 2021. The company also received one of Dubai’s “minimum viable product operational licenses” earlier this year which allows them to offer broker-dealer services for digital assets to qualified investors.

Dubai Regulatory Oversight on Crypto Companies

Although Dubai has been one of the biggest crypto hubs, attracting major players such as Binance which opened three offices last year after securing necessary licenses; Dubai authorities have been cracking down on crypto companies operating without regulatory approval. BitOasis faced reprimand by Dubai Authorities for not meeting conditions set by local regulator.

CoinDCX Achieves Status Of India’s First Cryptocurrency Unicorn

                         CoinDCX recently achieved the status of India’s first cryptocurrency unicorn after raising approximately $90 million from investors led by B Capital Group, co-founded by Meta Platforms Inc.’s Eduardo Saverin. The funding round valued CoinDCX at $1.1 billion.

                       

Conclusion
                        Despite some regulatory setbacks , BitOasis is continuing to make strides in their industry as they secure more investments . With other exchanges such as CoinDCX achieving unicorn status , it is clear that there is potential for growth within these markets . It will be interesting to see how these exchanges progress over time .