Dubai-based cryptocurrency trading platform BitOasis is expanding in the Middle E and North Africa (MENA) with another major funding round.

BitOasis closed a $xxx-million Serial B funding circular led by Chicago-based venture majuscule firm Spring Capital and Dubai-based VC visitor Wamda Capital, according to a Tuesday announcement.

Wamda previously invested in BitOasis back in 2022, leading a seed funding round of an undisclosed sum. The latest round included new investors, such every bit Sam Bankman-Fried's crypto trading firm Alameda Enquiry, and Global Founders Capital letter, also every bit existing investors, including Pantera Majuscule, Digital Currency Grouping and Belgium-based investment house NXMH.

The new funding volition assistance the crypto exchange to further grow its presence in the MENA region every bit well as ensure regulatory compliance, BitOasis co-founder and CEO Ola Doudin said.

"We meet a lot of potential for crypto adoption inside the MENA region. We besides believe that the right regulation coupled with investor awareness and pedagogy initiatives is going to bulldoze mass adoption of crypto avails in the region," Doudin told Cointelegraph, adding:

"The funding coming in will equip us with the resources we need to build the largest and almost trusted cryptocurrency platform in the region. Expansion beyond the MENA region is too on the cards and volition happen in due course."

Related: UAE regulators approve crypto trading in Dubai free zone

BitOasis also aims to forge strategic partnerships with the public sector in order to raise sensation about crypto security, Doudin said. The exchange recently partnered with the Dubai Police Force to educate the public about fraudulent schemes related to crypto investments and trading.

Launched in 2022, BitOasis is 1 of the oldest crypto exchanges in the MENA region. BitOasis saw some accelerated growth this twelvemonth, with trading volumes exceeding $3 billion at the stop of first one-half of 2022. In May, BitOasis received regulatory approvals from the Abu Dhabi Global Market as the firm was preparing to launch a licensed crypto exchange in the Center East.