Dubai Bitcoin Startup Snags Seed Funding

Dubai-based bitcoin startup BitOasis has announced its first round of seed funding, in a round led by venture capital firm Wamda Capital, an investor focused on startups in the MENA (Middle-East and North Africa) region.

BitOasis, a bitcoin wallet and exchange service that caters to several Arab countries, has announced its first round of seed funding. Participating investors include prominent bitcoin- and blockchain-space investor Digital Currency Group (DCG), payments processor Payfort, Samih Toukan – a tech entrepreneur and other unnamed angel investors based in Dubai and New York. The round was led by Wamda Capital, who also made the announcement.

While the total amount raised in the funding round remains undisclosed, BitOasis is likely to be the first bitcoin startup in the region to obtain venture capital investment, underlining a young and emerging space for the industry in the region.

Ola Doudin, CEO and cofounder of BitOasis spoke about BitOasis’ aim to be the largest digital currency exchange in the region. BitOasis currently operates in five countries: UAE, Qatar, Kuwait, Bahrain and the Kingdom of Saudi Arabia. Its wallet feature is available to users across North Africa, the Middle East, and Asia. The exchange’s most active user bases are revealed to be in the UAE, KSA, Egypt, Morocco and Algeria.

Doudin further revealed her intentions to use the investment to expand its team further whilst strengthening its presence outside the United Arab Emirates.

She stated:

Dubai is the world’s emerging markets capital for trade and movement of goods, people and capital, and we want to be right at the center of that.

Dubai is also home to the recently-launched Global Blockchain Council, a 32-member group and consortium that sees the likes of Microsoft, Cisco, Kraken, IBM and Ethereum among its members. The consortium also includes regional startups including BitOasis, governmental entities and the leading UAE banks.

Featured image from Shutterstock.

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Samburaj Das @sambdas

Samburaj is the Editor for CCN, among the earliest and foremost publications covering blockchain, cryptocurrency and financial technology news. He has authored over 1,500 articles for CCN and is invested in Bitcoin. Email him samburaj(@)ccn.com or find him barely tweeting @sambdas

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