dubai finance

UAE-based exchange BitOasis is to add Ripple XRP token on its digital asset trading platform.

“We’ve decided to introduce XRP trading to meet the increased demand from our customers to add to the list of major cryptocurrencies and digital assets offered on our platform,” Founder of BitOasis, Ola Doudin said.

Users of the platform will be able to make XRP transactions beginning on Tuesday, January 30, 2018, with 0% fees during the introductory period. Users will be able to place buy and sell limit and market orders with AED through wire deposits or credit card payments. 

“As one of the largest and fastest-growing companies in the blockchain space in the region, we’re committed to providing our customers with a secure way to buy and sell Bitcoin, Ethereum and now, Ripple,” Doudin added

While prices have fallen on recent traders’ fear of a regulatory crackdown in South Korea, Ripple remains one of the most resilient cryptocurrencies.

“In 2018, our priority is working closely with regulators to provide regulation for our business and our operations. We have achieved good progress in that area and we are working closely alongside local regulators to license our business,” she commented.

Expansion into Saudi Arabia

Doudin also adds that the region’s best-known exchange now plans expansion to Saudi Arabia.

“The second priority we have in 2018 is expanding across the GCC market. And basically expanding (the platform) to other countries, in Saudi Arabia and across the Middle East as well,” Doudin said.

“As adoption of digital assets and blockchain technology is on the rise worldwide, we at BitOasis are seeing an exponential increase in demand for our services in the GCC region.

More firms funded

The MENA region’s startup ecosystem witnessed a record year in 2017 in terms of the number of deals done, with 260 firms raising $560 million in funding, according to the “State of MENA Funding” report published this week by Magnitt, a website that provides information on MENA’s entrepreneurial ecosystem. However, the actual amount of funds raised was 36 percent lower than the $874 million raised in 2016.

BitOasis has raised two rounds of funding, the values of which have not been disclosed, from regional and U.S.-based investors, mostly from venture capital funds such as Wamda Capital and Jabbar Group.

“We closed our (latest) round of financing around Q3, 2017. In Q1 and Q2 of 2018, we are not looking to raise funds because we are dedicating all our resources and energy into investing in our infrastructure,” Doudin said.

 

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