BitOasis closes $30m in Series B funding

By Edlyn Cardoza

It’s the close of fundraising season for BitOasis. The Middle East & North Africa’s leading crypto-asset exchange has wrapped up its Series B round, announcing that it’s closing $30 million in funding from new and existing investors.

The round is co-led by Chicago-based VC firm Jump Capital and MENA region’s Wamda and is set to propel BitOasis to an accelerated growth trajectory. The fundraising round also includes new investors, such as Alameda Research and Global Founders Capital, with existing investors such as Pantera Capital, Digital Currency Group, and NXMH.

Ola Doudin, CEO & co-founder of BitOasis, said, “Our aim is to build the largest and most trusted cryptocurrency platform in the region, and our latest investment round serves as a vote of confidence in the BitOasis growth story. It further speaks to the state of interest in the MENA region’s growing crypto ecosystem, with global investors and venture capital heavyweights backing the region’s home-grown businesses.”

“This new capital is going to equip us with the resources we need to expand our regional presence while ensuring high standards of regulatory compliance. We work proactively with regulators across the region and will acquire licenses where available.”

Peter Johnson, Partner at Jump Capital, said, “We are thrilled to be backing BitOasis as they continue to scale the leading crypto platform in the Middle East. The company perfectly embodies the elements we seek when investing in international crypto exchanges – an exceptional team that deeply understands the market, a focus on regulatory compliance, and an ability to build a leading consumer brand.”

Fares Ghandour, Partner at Wamda, added, “BitOasis is testament to the fact that you need passionate founders, a solid team, and a culture of unity to build a resilient and world-class business, and that’s exactly what this company is. Wamda is as proud as ever to back the region’s leading and most credible exchange since their inception.” 

With geographic expansion plans already on the cards for BitOasis, Ola also touched upon BitOasis’s growth plans for its existing markets. She commented, “In line with our ambitious growth strategy, we will also be working towards solidifying our presence and refining our product offering in the countries we already operate in. Our team is also working on building strategic partnerships with the public sector to raise the level of awareness around crypto safety in the region. We look forward to sharing more details of our upcoming initiatives very soon.”