BitOasis secured a licence to provide broker-dealer services in Dubai earlier this year. Pawan Singh / The National
BitOasis secured a licence to provide broker-dealer services in Dubai earlier this year. Pawan Singh / The National
BitOasis secured a licence to provide broker-dealer services in Dubai earlier this year. Pawan Singh / The National
BitOasis secured a licence to provide broker-dealer services in Dubai earlier this year. Pawan Singh / The National

BitOasis secures investment from Indian crypto exchange CoinDCX


Deena Kamel
  • English
  • Arabic

BitOasis, one of the largest cryptocurrency platforms in the Middle East, has raised funding from Indian digital currency exchange CoinDCX to drive its geographic expansion and develop its products.

The company's existing investors include start-up investment firm Wamda Capital and venture capital firm Jump Capital, the company said on Friday.

BitOasis did not disclose the size of the deal and the company valuation.

“The investment will allow us to sharpen our focus on perfecting our existing products and expanding across our markets,” BitOasis co-founder and chief executive Ola Doudin said.

Sumit Gupta, co-founder and chief executive of CoinDCX, said his company was “impressed by BitOasis’s excellent product offering, strong leadership and their persistence to serve customers in the most secure and compliant manner”.

Founded in 2016, BitOasis serves 15 markets across the Mena region.

Since it began operations, the company has processed more than $5 billion in trading volumes and raised more than $35 million in funding from regional and global investors such as Jump Capital, Pantera and Wamda Capital.

Earlier this year, BitOasis secured a licence from Dubai's Virtual Assets Regulatory Authority to provide broker-dealer services in the emirate.

BitOasis said in July that it was working closely with Vara after the regulator suspended its operational licence.

Vara said the company's minimum viable product operational licence was put on hold due to continuing supervisory controls of the virtual assets industry in the emirate.

The Mena region is the fastest-growing cryptocurrency market in the world, accounting for 9.2 per cent of global digital currency transactions from July 2021 to June 2022, according to a report by blockchain data platform Chainalysis.

Individual investors in the Mena region received $566 billion in cryptocurrency during the period, an annual increase of 48 per cent, Chainalysis said in its 2022 Global Crypto Adoption Index, which was dominated by emerging markets.

Established in 2018, CoinDCX became the first Indian cryptocurrency exchange to become a unicorn – a start-up with a valuation of at least $1 billion – in August 2021 after it raised $90 million during a series C funding that valued it at $1.1 billion, according to its website.

That funding round was led by B Capital Group, established by former Facebook co-founder Eduardo Saverin, and returning investors Coinbase Ventures, Polychain, Block.one and Jump Capital, the Indian company said at the time.

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Museum of the Future in numbers
  •  78 metres is the height of the museum
  •  30,000 square metres is its total area
  •  17,000 square metres is the length of the stainless steel facade
  •  14 kilometres is the length of LED lights used on the facade
  •  1,024 individual pieces make up the exterior 
  •  7 floors in all, with one for administrative offices
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  •  100 species of trees and plants dot the gardens
  •  Dh145 is the price of a ticket
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Innotech Profile

Date started: 2013

Founder/CEO: Othman Al Mandhari

Based: Muscat, Oman

Sector: Additive manufacturing, 3D printing technologies

Size: 15 full-time employees

Stage: Seed stage and seeking Series A round of financing 

Investors: Oman Technology Fund from 2017 to 2019, exited through an agreement with a new investor to secure new funding that it under negotiation right now. 

The Specs:

The Specs:

Engine: 2.9-litre, V6 twin-turbo

Transmission: 8-speed automatic

Power: 444bhp

Torque: 600Nm

Price: AED 356,580 incl VAT

On sale: now.

The specs

Engine: 1.5-litre turbo

Power: 181hp

Torque: 230Nm

Transmission: 6-speed automatic

Starting price: Dh79,000

On sale: Now

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- At 9.16pm, three suicide attackers killed one person outside the Atade de France during a foootball match between France and Germany- At 9.25pm, three attackers opened fire on restaurants and cafes over 20 minutes, killing 39 people- Shortly after 9.40pm, three other attackers launched a three-hour raid on the Bataclan, in which 1,500 people had gathered to watch a rock concert. In total, 90 people were killed- Salah Abdeslam, the only survivor of the terrorists, did not directly participate in the attacks, thought to be due to a technical glitch in his suicide vest- He fled to Belgium and was involved in attacks on Brussels in March 2016. He is serving a life sentence in France

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Disclaimer

Director: Alfonso Cuaron 

Stars: Cate Blanchett, Kevin Kline, Lesley Manville 

Rating: 4/5

Sole survivors
  • Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
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  • Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
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The specs

Engine: 8.0-litre, quad-turbo 16-cylinder

Transmission: 7-speed auto

0-100kmh 2.3 seconds

0-200kmh 5.5 seconds

0-300kmh 11.6 seconds

Power: 1500hp

Torque: 1600Nm

Price: Dh13,400,000

On sale: now

10 tips for entry-level job seekers
  • Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
  • Keep track of the job trends in your sector through the news. Apply for job alerts at your dream organisations and the types of jobs you want – LinkedIn uses AI to share similar relevant jobs based on your selections.
  • Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
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  • Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
  • Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.

Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz

Updated: August 25, 2023, 8:59 AM