The MENA region’s largest online digital asset platform. Buy, sell and trade in the Middle East
trading and using digital assets made easier, cheaper, and more secure
BitOasis is a leading cryptocurrency trading platform in the Middle East and North Africa (MENA) region, providing a digital asset wallet and exchange to buy, sell, and trade cryptocurrencies. The company was co-founded by Ola Doudin and Daniel Robenek in 2015. BitOasis is headquartered in Dubai, United Arab Emirates, and serves the broader Gulf Cooperation Council (GCC) region.
BitOasis has received funding through a series B round, with a total funding amount of $30 million as of the last funding round in October 2021. The company has 14 investors, including Banvest and Pantera Capital.
BitOasis made headlines as the first broker-dealer to secure an MVP operational license from Dubai’s Virtual Asset Regulatory Authority (VARA). This license enables BitOasis to provide virtual asset broker-dealer services to qualified retail and institutional investors. The MVP Operational License came after the Provisional Approval issued by VARA to BitOasis in March 2022, under which the company continued to operate while completing VARA’s licensing process.
BitOasis offers its users the ability to buy and sell over 60 different tokens with fiat currencies, including AED, SAR, TL, and USD. It was also the first crypto platform in the UAE to be registered with the country’s Financial Intelligence Unit (Go-AML platform) following an extensive risk assessment completed with the UAE’s Executive Office.
BitOasis has also made strategic moves like signing a deal with Mastercard for crypto-linked cards and planning to leverage its new license to launch partnerships in Dubai and across the UAE.
Despite the significant achievements, BitOasis has also faced challenges. The company had to cut jobs amid sector turmoil, which indicates that it is not immune to market fluctuations and industry-wide challenges.
Ola Doudin, co-founder and CEO of BitOasis, has expressed the company’s strong commitment to operate in accordance with applicable law, regulation, and best practices, acknowledging the importance of the recent VARA’s MVP Operational License. Samir Satchu, Senior Vice-President of Public Policy & Expansion at BitOasis, also noted that the license, as well as their in-principle approval in Bahrain, are important building blocks for their strategy to serve the GCC and MENA region through a network of regulated platforms and on-the-ground infrastructure.
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