BitOasis, a crypto exchange based in Dubai, secured funding from a group of investors that included CoinDCX, an Indian digital-asset platform.
The company did not reveal the details or the value of the deal. Wamda Capital and Jump Capital, who were already investors in BitOasis, also joined the round.
BitOasis, which started in 2016, operates in countries like the United Arab Emirates, Saudi Arabia, Bahrain and Kuwait.
Researcher Chainalysis reported that the cryptocurrency market in the Middle East and North Africa region grew faster than any other region in the world from mid-2021 to mid-2022. In 2021, BitOasis had raised $30 million in funding, the company said.
BitOasis claimed that it obtained the first “minimum viable product operational license” from Dubai earlier this year, which enabled it to provide broker-dealer services for digital assets to eligible investors.
However, in July, the company faced a rebuke from Dubai for not complying with the required terms imposed by the local regulator.
CoinDCX, which was India’s first cryptocurrency unicorn in 2021, also announced staff cuts to survive in India’s crypto situation.
