BitOasis, one of the largest cryptocurrency trading platforms in the Middle East and North Africa, is now allowing its UAE-based cryptocurrency trades and investors to make instant fiat currency bank deposits to their BitOasis accounts.
The new tech-enabled service called Bolt aims to eliminate wait times with bank-to-exchange transfers, allowing traders to make well-timed trading decision, the company said in a statement on Wednesday.
The new service supports BitOasis’s existing “Easy Funding” deposit option which lets users link their UAE bank account to their BitOasis account and deposit funds through the app at zero cost.
This takes away the hassle of making manual bank transfers to fund crypto buys on BitOasis.
“The crypto space is no stranger to price volatility,” Ola Doudin, chief executive and co-founder of BitOasis, said.
“Given recent price fluctuations, the slightest of delays in deposits on crypto exchanges can impact your trading strategy. Bolt will allow users to move quickly on trading decisions and make an especially big difference for high-value transactions.”
The cryptocurrency market in recent weeks has seen increased volatility, with Bitcoin, the biggest cryptocurrency, dropping below $30,000 on May 10, the first time it fell under the key threshold since July 2021.
It has gained some ground and was trading at $31,093.21 at 6.52pm UAE time on Wednesday, data from CoinMarketCap showed.
BitOasis said all its UAE-based verified users now have the Bolt option when transferring funds from their local bank accounts to their AED-wallet on the platform.
The deposit amount per transaction through the new service option is currently capped at Dh25,000 ($6,811). Users can make several deposits with no restrictions on frequency, it added.
“The enabling of instant deposits on BitOasis also demonstrates our tech capability to develop and roll out new features that improve our customers’ experience with trading and investing on the platform,” Ms Doudin said.
Earlier this month, BitOasis and MBC Group, the region's biggest broadcasting company, partnered to launch awareness programmes to drive the adoption of digital assets in the broader Mena region.
The move comes amid a growing interest in crypto investments in the region.
In March, London-based research firm YouGov reported that about two thirds of residents are interested in investing in digital assets within the next five years.
One in five consumers in the UAE said they intend to trade in cryptocurrencies in the next 12 months, the highest globally after Indonesia and India, it added.
A third of UAE residents say they have invested in cryptocurrencies, a higher rate compared to the global average of 30 per cent, a survey by online market research company Toluna showed.
Residents in the UAE plan to allocate 26 per cent of their investable assets to cryptocurrency, compared with 20 per cent globally, it added.
Regulators in the country have also taken various steps to help the industry grow and safeguard investors.
HWJN
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The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
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- Technology expert in robotics and automation: Dh20,000 to Dh40,000
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- Data-driven supply chain management professional: Dh30,000 to Dh50,000
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- Engineering leader: Dh30,000 to Dh55,000
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Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
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LA LIGA FIXTURES
Friday
Granada v Real Betis (9.30pm)
Valencia v Levante (midnight)
Saturday
Espanyol v Alaves (4pm)
Celta Vigo v Villarreal (7pm)
Leganes v Real Valladolid (9.30pm)
Mallorca v Barcelona (midnight)
Sunday
Atletic Bilbao v Atletico Madrid (4pm)
Real Madrid v Eibar (9.30pm)
Real Sociedad v Osasuna (midnight)
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
Profile
Company: Justmop.com
Date started: December 2015
Founders: Kerem Kuyucu and Cagatay Ozcan
Sector: Technology and home services
Based: Jumeirah Lake Towers, Dubai
Size: 55 employees and 100,000 cleaning requests a month
Funding: The company’s investors include Collective Spark, Faith Capital Holding, Oak Capital, VentureFriends, and 500 Startups.
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