Dubai-headquartered crypto trading platform BitOasis is reportedly widening the scope of its operations to the Middle East and North Africa (MENA), via an additional significant fundraising. 

Specifically, BitOasis reportedly secured $30 million via Series B fundraising, led by the venture capital entity from Chicago – Jump Capital – along with the Dubai-based VC firm Wamda Capital. 

Wamda reportedly made a previous investment in BitOasis five years ago (2016), leading a seed funding round to acquire an anonymous amount. 

The most recent round reportedly witnessed the participation from new investors, nominally Sam Bankman-Fried’s crypto trading entity Alameda Research and Global Founders Capital, together with current investors, such as Pantera Capital, Digital Currency Group, and Belgium-based investment firm NXMH.

The freshly secured fund will reportedly assist the crypto exchange financially, to additionally widen the scope of its operations across the MENA area, together with making sure compliance levels in regulations are met, BitOasis co-founder and current Head shared. 

“We see a lot of potential for crypto adoption within the MENA region. We also believe that the right regulation coupled with investor awareness and education initiatives is going to drive mass adoption of crypto assets in the region,” Doudin reportedly remarked. 

The newly available funding will reportedly offer the exchange sufficient resources for creating “the largest and most trusted cryptocurrency platform in the region”. 

“Expansion beyond the MENA region is also on the cards and will happen in due course.”

BitOasis reportedly has a plan of forming strategic alliances throughout the public sector, as an effort to raise awareness regarding crypto security, per Doudin.