Digital asset wallet and exchange company BitOasis has secured an undisclosed round of funding.
The company received investments from KBBO Ventures, Wamda Capital, Pantera Capital, and Jabbar Group, among others.
BitOasis is a digital asset wallet solution for the Middle East and North Africa regions, and is currently available on iOS. The app allows consumers to send and receive digital assets within minutes, and all transactions are posted on the blockchain so they can be verified by users.
Through the platform, a user’s tokens are secured via three levels, the first is secured on BitOasis with a password. The second security procedure is operated through BitGo, which helps with security and fraud prevention checks. Finally, a user has the ability to recover funds in the case of a service compromise.
Capital from this investment round will go towards securing and improving the user experience. The company has been working with regulators locally in the UAE and GCC, and has led to a ‘positive reception’ for supporting blockchain and digital asset innovation, according to the company.
Late last year, digital asset wallet Breadwallet closed its ICO on $32m, hitting its target within eight days. The platform is based on a rewards program, where BRD tokens unlock perks such as discounts and premium features.
The Bahrain Economic Development Board and FinTech Consortium launched a FinTech hub in Bahrain to support FinTech in the Middle East and Africa, last year.
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