Bitcoin is virtually everywhere. There are many bitcoin companies cropping up across the world, but very few do things right to be able to sustain themselves and grow big. BitOasis is one such Bitcoin startup from the Middle East which has recently made news by successfully raising investments. The Dubai, UAE based startup has raised an undisclosed amount in seed funding from Wamda Capital, Digital Currency Group, Payfort and other angel investors including Samih Toukan, the chairman of Jabbar Group to become the first Bitcoin business in the region to do so.
BitOasis, founded by Ola Doudin who was previously part of another Middle Eastern Bitcoin startup has been operating a Bitcoin exchange in the United Arab Emirates since early 2015. The company’s services, which includes Bitcoin wallet, exchange and cross border payments integration extends beyond UAE to include most of the Middle East and North Africa, better known as the MENA region.
Wamda Capital is a well-known investment company in the MENA region which invests in transformational businesses. The firm is led by Fadi Ghandour, who is also the founder of the region’s biggest logistics company, Aramex.
“Fintech is a primary focus in our investment strategy, and payments is among the largest market opportunities for tech startups in MENA,” said Fadi while speaking about Wamda Capital’s investment in BitOasis.
According to Ola Doudin, BitOasis will be making use of the seed fund to expand the team and further strengthen the company’s presence both inside and outside the UAE. In addition, BitOasis is also one of the founding members of the Dubai Blockchain Council which is involved in the creation and promotion of blockchain solutions for the financial industry. BitOasis is said to be currently developing a blockchain based solution for the Dubai Multi Commodities Center (DMCC) to secure flexidesk contracts and registration process.
The investment into BitOasis by some of the key players in both Bitcoin industry and the region will open MENA region to the Bitcoin revolution. We can soon expect more startups to emerge in the digital currency sector.