Blockchain companies and investors from New York and Dubai led by Wamda Capital have completed a seed funding of the bitcoin exchange BitOasis. The sum of the investment is not disclosed.

Digital Currency Group (DCG), Jabbar (represented by its chair Samih Toukan) and Payfort have also taken part in the investment round. Wamda Capital, a company that invests in promising Middle Eastern startups in cooperation with Wamda Platform experts has been the leading investor in this round.

“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.

BitOasis is in a good position to lead bitcoin platform building in the MENA (the Middle East and North Africa) region, noted Barry Silbert, CEO and founder of DCG, a company that develops digital finance, investing and consulting blockchain and bitcoin enterprises. The region offers great opportunities for the cryptocurrency and blockchain industry, claims the financier.

“…super excited to invest alongside leading Middle East venture investor, @WamdaCapital and payment co @PayFort,” wrote Silbert in an emotional tweet.

In the meantime, BitOasis is going to occupy the leading position on MENA cryptocurrency market. “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 co-founder of BitOasis. Dubai is growing as a world trade capital, and the BitOasis team wants to be in the centre of the process, emphasised Doudin. The sum collected through this investment round will be used to expand the company’s payment and exchange services in the region.

The Global Blockchain Council was launched in Dubai in February 2016 and united 32 members including such international giants as IBM and Microsoft. On 30 May, the city will host Keynote 2016, a blockchain technology conference, which will be attended, among others, by the head of BitOasis.

Andrew Levich