Been thinking about where to park your digital assets? Looking for safe players dealing in the field of cryptocurrency? If you’re one of the many people searching for the perfect investment partner, then we’ve some good news for you! One of the premier digital wallet management agencies in the Middle East, BitOasis, has successfully received its license to operate in the area.
BitOasis is a cryptocurrency digital asset exchange and wallet, based in the UAE. This financial startup is building a safe and secure infrastructure for digital payments using bitcoins and other cryptocurrencies. The company allows for people to trade without borders over a super-efficient digital payment mechanism using a multi-signature system.
Astounding growth of BitOasis over the years
The Jordan-born and UK-educated Ola Doudin, the founder of BitOasis, has drawn up a rapid growth trajectory for BitOasis since its inception in 2014. According to a recent Bloomberg report, over the last 2 years, the company has handled trading volumes of more than $1.6 billion.
BitOasis has always had a positive outlook towards emerging markets. It has expanded its presence from Jordan, Oman, UAE, Bahrain, Saudi Arabia and Kuwait to Egypt and Morocco.
What’s more, the growth spurt in the company has also been fuelled by seed funding from both foreign and domestic investors, with a recent investment made by the Barry Silbert-led Digital Currency Group, the parent company of Grayscale Investments. All this information points to the upward growth of BitOasis.
What does licensing mean for the average investor?
UAE’s international financial center, the Abu Dhabi Global Market (ADGM) is in the process of creating proper rules and regulations for the safe trading of crypto assets and other digital currencies. One of the independent regulators of the market, the Financial Services Regulatory Authority (FRSA) has been auditing BitOasis for ensure compliance to rules and safety for investors. By giving the company its preliminary approval in April, the regulator has given a go-ahead for launching businesses in full swing, thereby giving investors and the company many benefits.
Let's term this out more lightly:
- Licensing will create better legitimacy for all transactions taking place in the company.
- It will allow for better work with other regional regulators like Saudi Arabia.
- A proper license will also help BitOasis to expand to other Middle East and North African markets.
- A boost in growth and volume will follow, thereby positively influencing investor sentiment.
- Getting a license will make BitOasis the first regulated bitcoin exchange in the Middle East.
The full license will be given to BitOasis by the end of the year after ensuring a few more checks to the operating and technical requirements.
What kind of cryptocurrencies does BitOasis trade in?
BitOasis specializes in managing many types of digital assets. The main cryptocurrencies available for trading with the company are XLM, BTC, ETH, LTC, XRP and BCH. Also include other coins like ZEC, ETC, BSV and XMR.
Future of digital asset management in Dubai
Dubai has been favored by cryptocurrency investors and firms for a number of reasons. BitOasis itself decided to base their headquarters in this global city due to its openness of implementing financial reforms. The UAE government has also adopted a proactive approach to cryptocurrencies like the bitcoin. In 2018, the government had announced that it intended to use a cryptocurrency backed by the state and pegged to the local currency for regular utility payments.