The UAE-based cryptocurrency exchange platform has received an undisclosed investment from CoinDCX.
UAE-based cryptocurrency exchange platform BitOasis has received an undisclosed amount in investment from CoinDCX, India’s highest-valued virtual asset service provider (VASP), as well as other inventors including Wamda Capital and Jump Capital.
The capital received will assist in BitOasis drive toward becoming an industry within the region, alongside enabling it to secure the necessary licensing required for its expansion plans.
Founded in 2016, BitOasis currently operates in 15 markets in the region and has, to date, processed $5 billion in trading volume. This makes it the first and largest of the Middle East’s crypto asset exchanges. The company seeks to provide MENA markets with a more accessible and compliant way to trade, purchase and sell cryptocurrency.
According to a Chainanalysis report, the MENA region has emerged as the world’s fastest cryptocurrency adapter with users receiving $566 billion dollars between the record year of 2021-2022. For advocates in the region, cryptocurrency is seen as a more secure method of transaction due to continued currency volatility and global inflation pressures.
