BitOasis, a Dubai’s Crypto Exchange, has achieved success in obtaining an investment round. The consortium of investors includes CoinDCX, a digital asset platform hailing from India. The specifics about the agreement’s exact terms and the exchange’s valuation have not been disclosed, as Bloomberg reported on Friday.
Noteworthy is the participation of established investors Wamda Capital and Jump Capital in this recent funding phase. Founded in 2016, BitOasis operates in several Middle Eastern countries, such as the UAE, Saudi Arabia, Bahrain, and Kuwait.
The cryptocurrency market in the Middle East and North Africa region has displayed remarkable expansion, with Chainalysis research indicating it as the swiftest growing market from mid-2021 to mid-2022.
Advancements and Setbacks in Dubai’s Crypto Exchange, BitOasis Landscape
Following their successful fundraising campaign in 2021, where they raised $30 million, BitOasis has received a new influx of funds. The company has achieved notable progress in the industry, securing a “minimum viable product operational license” from Dubai earlier this year.
This specific license grants BitOasis the authority to provide broker-dealer services for digital assets, catering solely to qualified investors.
However, in July, BitOasis faced a setback as Dubai authorities reprimanded the company for not meeting stipulated conditions set by local regulators. During this time, a market advisory was issued to inform BitOasis’ customers and investors. The advisory highlighted ongoing supervisory assessments and enforcement actions being taken against the exchange.
Recent Developments in the Industry
On the contrary, CoinDCX has recently attained the distinction of being India’s inaugural cryptocurrency unicorn. This achievement was realized after a funding round raised approximately $90 million, spearheaded by B Capital Group, co-established by Eduardo Saverin from Meta Platforms Inc. CoinDCX’s valuation was appraised at $1.1 billion.
Dubai has become a significant global cryptocurrency hub, attracting key players from the crypto industry. In the preceding year, Binance, recognized as the largest global cryptocurrency exchange, set up three branches in Dubai, having obtained the required operational licenses. This situation is unfolding while Dubai endeavors to position itself as a worldwide hub for the industry.
In April, Dubai regulators admonished the OPNX cryptocurrency exchange for engaging in activities without proper authorization and lacking regulation.
Meanwhile, the country’s crypto regulatory body has granted MVP licenses to entities like Bybit, Crypto.com, Binance, and OKX. These cryptocurrency enterprises are presently authorized to conduct operations within the region.
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