The round included Barry Silbert’s Digital Currency Group (DCG), Samih Toukan, the serial tech entrepreneur chairman of Jabbar Group, as well as Payfort and other tech angel investors based in New York and Dubai.
Founded in early 2015, Bitoasis has been building the infrastructure for new digital payment products using bitcoin technology. The Bitoasis bitcoin exchange platform, wallet and cross border payment integrations, provide the tools to onboard consumers and businesses on a digital payment system.
“Fintech is a primary focus in our investment strategy, and payments is among the largest market opportunities for tech startups in MENA,” said Fadi Ghandour, CEO and founder of Wamda Capital, in a statement.
Bitoasis is also a founding member of the Dubai Blockchain Council, and has partnered with Dubai financial entities to develop blockchain applications.
“Our aim since launch is to build the largest digital currency exchange and payments infrastructure platform in the Middle East and North Africa,” said Ola Doudin, CEO and cofounder of Bitoasis.
Bitoasis is currently open for users in five countries: UAE, KSA, Qatar, Kuwait and Bahrain, and its wallet is available to users all across the Middle East, North Africa and Asia with the most active user bases in UAE, KSA, Egypt, Morocco and Algeria.
“The Middle East represents one of the largest market opportunities for bitcoin and blockchain technology, and we are confident Ola and her team at Bitoasis are extremely well positioned to build MENA’s leading bitcoin platforms,” said Barry Silbert, CEO and founder of DCG.
Within the next year, using the investment fund, the startup plans to grow its team further and strengthen its presence outside of the UAE.
“Dubai is the world’s emerging markets capital for trade and movement of goods, people and capital, and we want to be right at the center of that,” Doudin explained.