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BitOasis Funding Boosts Blockchain Prospects in the Middle East

BitOasis has secured additional funding to expand their presence beyond the United Arab Emirates. The round of financing received support from Digital Currency Group and various tech angel investors.

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BitOasis Funding is a Success

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Most people will know BitOasis as a Bitcoin wallet and exchange service operating in the Middle East and North Africa. The company is looking to expand their reach to other regions as well. Now that the round of funding is successful, BitOasis can look beyond the borders of the UAE.

At the time of writing, it remained unclear as to how much money was raised during this round. We do know the company will use the funds to expand the team and begin their expansion within the next year. No specific regions of interest were announced at this time, however.

Bitcoin & Fintech in Dubai

It is worth noting Bitcoin and Fintech are becoming more popular trends in Dubai. BitOasis has attracted a lot of attention with their focus on digital payments through blockchain infrastructure . In fact, Wamda Capital, who led the funding round, stated how their primary focus is on Fintech and payments.

Digital Currency Group CEO and founder Barry Silbert said:

The opportunities presented by the Middle East for the expansion of Bitcoin and blockchain technology is noteworthy. I am confident that BitOasis is extremely well positioned to build MENA’s leading Bitcoin platforms.

BitOasis is also one of the very few Bitcoin exchange platforms active within the UAE. Among their products are a wallet service and cross-border payment integration. Plus, the company helps customers and enterprises understand and accept cryptocurrency payments, such as Bitcoin, in a convenient manner.

The Future of Blockchain in the Middle East

But there is more, as BitOasis is a founding member of the Dubai Blockchain Council. The first pilot project of this council will be implemented by Dubai Multi Commodities Centre. The project will use blockchain technology to secure contracts. Moreover, Various financial entities based in Dubai have teamed up with the company to develop blockchain applications, according to Econotimes.

Blockchain technology seems to have a bright future in the UAE. Later this month, Dubai will host the Blockchain Technology Conference, which is organized by Moe Levin. There will be over 20 prominent speakers and several hundreds of attendees. The participants will explore the potential use cases for blockchain technology.

What are your thoughts on the BitOasis news and funding? How would you like to see them expand their services? Let us know in the comments below!


Source: Econotimes

Images courtesy of BitOasis, Shutterstock