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BitOasis Brought Bitcoin Trading To Dubai And Is Doing Quite Well

by on September 6, 2016
 

Bitcoin exchange platforms are popping up all over the world these days. Dubai, one of the hotbeds of piles of money, welcomes a new cryptocurrency exchange. BitOasis, a company that started out as a Bitcoin wallet and evolved into a trading business, set up shop in Dubai a while ago. In doing so, they became the first Middle Eastern cryptocurrency platform to be fully compliant.

Cryptocurrency enthusiasts will recall the BitOasis name, as they have been around for quite some time. Focusing on providing Bitcoin wallet services, the company quickly made a name for itself in Middle Eastern countries. Over time, the company expanded its presence to North Africa as well.

A Long But Successful Road For BitOasis

What made this offering so appealing is how residents could send money around the world at much cheaper rates. Moreover, trading Bitcoin was integrated later on, at a 1% fee. All funds are stored in multisignature wallets, both through the app and the web version. At the time, this was seen as a niche service, bit it quickly grew out to become much more.

Despite the initial successes, Bitcoin adoption rates in the Middle East are low. This also made it difficult for BitOasis to provide liquidity, as there were nearly no sellers active in the region. Most of the trading platforms go through these initial struggles. Liquidity is a must, but having too little or too much is never a good option.

After promoting the platform through local Bitcoin meetup groups, things were taken to a next level. A presence in Dubai was established back in 2014, but it took until late 2015 to secure enough funding. There is a big difference between wanting to build a platform, and doing so.

Going from trading Bitcoin locally to operating an exchange is a significant step forward for the company. As it turns out, Egypt and Morocco are very big Bitcoin markets. Dubai, while a very wealthy state, is a bit behind the curve. But the future’s looking bright for BitOasis; that much is certain.

Header image courtesy of Shutterstock

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