UAE based OasisX raises funds for Lebanon’s Children’s Cancer center using NFTs

UAE based OasisX raises funds for Lebanon’s Children’s Cancer center using NFTs

UAE based OasisX is raising funds for Lebanon’s Childrens Cancer Center leveraging NFTs.

As per the LinkedIn post, CCCL ( Childrens Cancer Center Lebanon) will utilize OasisX’s no-code Creator Studio and their creative production team to seamlessly bring the art created by these courageous young souls to the blockchain and the world.The post states, “ At Oasis X, we are committed to pushing the boundaries of what blockchain technology can achieve. This partnership exemplifies our dedication to using cutting-edge solutions to leave a lasting & positive impact, and bring expanded use cases to the NFT & Web3 space.”OasisX launched back in July 2022. Dubai-based OasisX, the first multi chain curated NFT Marketplace and Creator Studio launched to pave the way for MENA based creators, collectors, and brands to take part in this new digital era. The platform had at the time already on boarded more than 100 artists for its launch in addition to multiple regional brands for web3 activations.Najib Khanafer, Ramzi Mneimneh, and Jimi Ibrahim decided to take on the challenge of building secure and accessible tools to navigate the NFT and web3 world, bringing meaningful impact to artists, creators, collectors and brands from the region. All three have extensive knowledge in crypto, blockchain and technology and have been early adopters of this disruptive digital trend.According to the founders, Web3 is a more trustworthy foundation for achieving financial freedom; and NFTs represent a first, modest step towards solving one of the core problems of Web 2.0: digital applicability and ownership.

Standard Chartered’s digital asset platform received In Principle approval from Abu Dhabi’s ADGM

Standard Chartered’s digital asset platform received In Principle approval from Abu Dhabi’s ADGM

Standard Chartered’s backed digital asset platform, Zodia markets, has received an In-Principle Approval (IPA) fulfilling the pre-requisites to receive a Financial Services Permission (FSP) for OTC broker-dealer in virtual assets by Abu Dhabi Global Market (ADGM), Abu Dhabi’s international financial center.

As per the press release, Zodia Markets has chosen to expand into the UAE as the region establishes itself as a rapidly emerging hub for digital assets. The strategic expansion provides institutional investors from the Middle East and Africa with reliable access to this growing, alternative asset class, consolidating Zodia Markets’ position as an integral part of the global digital asset landscape.

Salem Mohammed Al Darei, CEO of ADGM Authority said, “We congratulate Zodia Markets on receiving the IPA from ADGM and welcome them to our vibrant ecosystem. Our evolving regime, progressive regulatory environment, and strong value proposition support businesses in the digital asset space, as we remain steadfast in upholding the highest standards. The harmony of traditional and new-age finance in Abu Dhabi with an international leading digital asset firm such as Zodia Markets that is backed by the well-established Standard Chartered will contribute to further enhancing the attractiveness of ADGM as a preferred destination for global entities.”

Andrew Price, Chief Compliance Officer of Zodia Markets said, “Abu Dhabi has already established a clear and forward-looking virtual asset regulatory framework. This early adoption and foresight have enabled it to attract innovation, talent and investment while raising the bar for compliance in virtual asset firms. It has been a pleasure working with the FSRA so far and I look forward to deepening our roots in the region.” 

Usman Ahmad, CEO of Zodia Markets said, “We are delighted to achieve this milestone on the journey to establish ourselves in the Middle East. We are excited at the opportunities this will open up for our business and this demonstrates progress in our expansion as a leading institution-first digital asset trading business. Our goal is to provide institutions seamless access to trade digital assets without compromising on the standards and controls that exist in traditional financial markets.”

In August 2022, Zodia Markets had announced its intention to expand into Abu Dhabi in 2023. At the time the company had stated that Abu Dhabi would be Zodia Markets first presence in the MENA region as it targets growth opportunities.

Zodia went live in July 2022 in the United Kingdom. U.K.-based Zodia Markets is a sister company of Zodia Custody, the digital assets safekeeping platform. Both firms share the same majority shareholder in SC Ventures, the venture arm of Standard Chartered.

Prior to this Abu Dhabi’s ADGM had granted RAIN crypto broker a virtual asset brokerage and custody service license. In 2022 , cryptocurrency platform Rain received in-principle approval for financial services permission (FSP) from Abu Dhabi Global Market (ADGB), which if it is fully approved will allow it to operate beyond the GCC region and offer a greater number of virtual asset pairs.

UAE based Aurus selected among top 25 companies for DMCC TDeFi accelerator program

UAE based Aurus selected among top 25 companies for DMCC TDeFi accelerator program

Out of over 100 plus applications, UAE based Aurus, which tokenizes precious metals including gold, silver and platinum using blockchain technology, has been selected as one of the 25 companies that will be joining Dubai’s DMCC ( Dubai Multi Commodities Centre) and TDeFi accelerator program.

The accelerator program is aimed towards Web3 and Blockchain companies based out of Dubai offering mentorship, support, and business scaling opportunities.  The acceleration program kicks off on September 5th, 2023, with a range of mentor sessions covering legal and compliance, web3 marketing, fundraising, and token economics. Participants are able to gain practical experience by using their own projects as case studies during workshops on token economics and token markets management. The program culminates in a Demo and Pitch Day, with 20+ venture capitalists and investors serving as judges, representing over $IBn in cumulative AUM.

The program’s conclusion is more than just a pitching session. It’s a doorway to connect with an expansive network of Funds, VCs, and Partners. It’s the day where projects can truly shine and kickstart their fundraising sprint.

Aurus was selected as one of the 25 companies because of its unique selling points that includes solutions to make it easy to buy, trade, and store precious metals (gold, silver and platinum), grams at a time, 24/7, at minimal fees, at the convenience of your mobile phone.

In addition, Aurus is at the forefront of tokenization of real-world assets, pioneering use cases for precious metals that were previously unfathomable. Bridging the gap, and addressing various use cases in several new untapped markets such as Payments, DeFi, gaming, NFTs, and Web3.

Aurus adheres the strictest standards and is one of few projects truly compliant within the current regulatory framework. Operations are conducted by the Aurus Foundation in the UK where we received the regulatory nod in 2020, and Aurus Markets DMCC in the UAE, which is licenced by the DMCC.

Aurus is also gearing towards the launch of several products, such as the first NFT collection backed by precious metals which will be launched on February 2024. Aurus is also entering the DeFi world with gold. Precious metals as a financial primitive (collateral) in DeFi protocols. That is, PMs as a productive yield-bearing asset with the ability to earn a yield by providing liquidity in DeFi.

Aurus is also utilizing gold in gaming with the ability to create sustainable real-asset-backed in-game economies by bringing precious metal-backed tokens and NFTs to online games, as well as gold as a payment: a network of stable value transfer in the global payments market. The Aurus Vault Card V2 is soon to launch, enabling users to spend precious metals via the Mastercard network.

Emirates NBD invests in Blockchain trade finance platform

Emirates NBD invests in Blockchain trade finance platform

UAE based Emirates NBD has inveted in Blockchain enabled Komgo, trade finance platform.

As per the press release, the strategic equity investment was made by Emirates NBD’s Innovation Fund, the Bank’s corporate venture fund.  The fund created in early 2023, aims to strengthen synergies from strategic partnerships by combining the Bank’s digital ambitions and regional expertise with the agility and technological innovations of fintech companies.

Emirates NBD’s corporate venture capital arm will enable the Group to make investments in tech start-ups and companies that further support its digital strategy. The Innovation Fund’s mandate is to invest in a wide range of stages, from early to growth, depending on the strategic fit for the Group, with the aim of delivering strategic benefits and realising a long-term return from investments.

Komgo’s solutions empower Treasury, Credit, and Trade Finance operations, streamlining communications and strengthening operational capacity for more than 10,000 enterprise users worldwide. From its Swiss roots, the company has expanded to key international locations including Singapore, Paris, London, Toronto and Houston, and is trusted by a diverse customer base that includes more than 200 multinational corporations and global trade banks. Approximately USD 1 billion in transaction value flows through the Komgo Network each day.

Komgo has two main products, Trakk which logs documents, creating a digital fingerprint on its blockchain, and  Konsole that matches corporates with banks and offers several solutions including various digital letters of credit and guarantees.

Ahmed Al Qassim, Group Head of Wholesale Banking, Emirates NBD, said: “Our strategic equity investment in Komgo reflects our commitment to constantly innovate and develop tech solutions that can accelerate business processes. We recognise how the fast-changing fintech landscape impacts our industry and we will continue to find and support the next generation of technologies that will help us shape the future of finance and to further strengthen our position as one of the leading financial institutions in the region.”

Souleïma Baddi, CEO at Komgo commented, “We are delighted that Emirates NBD has taken a strategic equity stake in Komgo, becoming the first Middle Eastern bank to hold shares in the company. This marks a significant milestone and a powerful affirmation of Komgo’s solid track record and promising future.”

Souleïma Baddi  CEO at Komgo used to sit on the board of VAKT which also utilizes blockchain to enhanve trade finance.

Prior to this Emirates Bank was one of the founding banks for UAE’s Blockchain fraud detection platform UAE Trade Connect.

UAE Trade Connect is now seeking to its expand its membership based out of the UAE Banking sector to other GCC countries including KSA.

NFTs gaining traction in Middle East with Chalhoub Group, MasterCard, and Healthvarsity

NFTs gaining traction in Middle East with Chalhoub Group, MasterCard, and Healthvarsity

UAE based Chalhoub Group’s SOL3MATES future sneakers NFTs pre sale will be launched today on  May 4th while MasterCard has launched its Music Pass NFT Web3 training program for emerging musical artists and Music fans in the MENA region and Healthvarsity has launched the biggest GCC online learning platform for health professionals, using AI and NFT certificates built on blockchain technology.

Rijal Hikmatullah Co -Founder of SOL3MATES part of Chalhoub Group announced on LinkediN, “In just 3 days, SOL3MATES by Chalhoub Group is releasing a one-of-a-kind NFT that will be a game changer for the Industry. The NFTs are not just a digital asset, but an access pass to enter the SOL3MATES ecosystem that empowers sneaker designers, a community-centric platform and exclusive perks. Yes… we are releasing a physical sneaker with perks.”

The perks include access to SOL3MATES sneakers, free shipping, lifetime discounts, etc, in addition to partner perks which allow access to token gated benefits and membership perks with access to giveaways, and next SOL3MATES sneaker drop.

There will be only 10,000 NFTs for its first collection priced at 0.03 ETH which can also be purchased at luxury NFT marketplace Exclusible.

“We are a sneaker brand first, and an NFT project second,” stated Nick Vinckier, Head of Corporate Innovation at Chalhoub Group and Founder of SOL3MATES. “Our aim is to create the sneaker brand of the future born from web3 technology and mechanics such as gamification, community and decentralization. The entire customer journey is created in such a way where we merge the best of the virtual and physical experience. With the launch of our first collection, and all future collections, our focus is on adding value to our community over time.”

Each SOL3MATES sneaker will be equipped with an NFC tag linking the physical shoe with blockchain-enabled authentication to track the sneaker ownership and providing more product information to the end user. And the SOL3MATES community will get access to rare sneaker giveaways, hype sneakers at retail, free SOL3MATES merchandise, meetups and more.

Additionally Mastercard Music Pass NFT is now available for music fans from Eastern Europe, Middle East and Africa and around the world. These fans can participate with the limited release Mastercard Music Pass NFT being minted on Polygon

Music Pass NFT unlocks access to exclusive content and experiences from the Mastercard Artist Accelerator. The unique program will prepare five emerging musical artists from around the world with the tools and skills to harness Web3 technologies to reimagine their creative processes and grow their careers in the digital economy. Artists will learn how to use Web3 tools to create original tracks, which will be redeemable as NFTs as well as performed live by the artists in a special showcase.

Nigerian R&B/Afrobeats record producer and songwriter LeriQ join four other musicians from around the world for the Mastercard Artist Accelerator: Cocoa Sarai, a hip-hop artist from Brooklyn; Vietnamese American-singer Emily Vu; Manu Manzo, a Latin pop artist from Venezuela; and Young Athena, a London-based R&B soul singer and BRIT School alumna. The participating artists represent a range of genres and backgrounds and were chosen because of their unique story, sound and inclusion-focused mindset.

“One of the incredible things about Web3 technologies, and NFTs in particular, are the way in which they offer creators more flexibility and ownership of their content, while generating exciting new ways for fans to engage with their art,” said Beatrice Cornacchia, Senior Vice President, Marketing and Communications, EEMEA. “The Mastercard Artist Accelerator program and Mastercard Music Pass give us an opportunity to harness NFTs for both of these exciting purposes, while helping to support some of the most vibrant, diverse young artists in the world today.”

The Mastercard Music Pass NFT is being minted on the Polygon blockchain and is free to redeem until 8 May.

Healthvarsity edtech venture launched the biggest GCC online learning platform for health professionals, using AI and NFT certificates built on blockchain technology. It will offer more than 200 courses for up skilling doctors nurses, pharmacists, physiotherapists and aspiring medical students, among others.  On completion of each course, they receive a certificate on blockchain to maintain security and authenticity.

Going forward, the platform will also introduce features such as an AI-based Virtual Instructor, AI-based Virtual Mentor and AI-based Virtual Assessor.

Crypto will play a small role in UAE and global family offices portfolio

Crypto will play a small role in UAE and global family offices portfolio

In KPMG and Agreus’s  2023 Global Fmaily Office Compensation Benchmark Report which found that financial wealth, generated by ultra-high-net-worth individuals and family offices is forecasted to increase to 46% by 2026 and that Crypto, a growing area of interest in the UAE, could play a small role in global family office portfolios as CEOs and MDs explore it and fall into the category of fun.

As per KPMG Agreus report, “ Diversifying does not always mean investing heavily in the likes of cryptocurrency but rather, decentralizing risk by spreading investments across multiple areas with precedents of high return. Crypto like many ‘new’ asset classes may well continue to play a very small role in Family Office portfolios but it is envisioned this shall fall into the category of fun, a small percentage for Principals to play with either for passion or simple curiosity.”

KPMG report believes that while the coming years could see the introduction of yet another new and exciting asset class, many Family Offices will look to diversify away from risky areas and invest in traditional, safe arenas where track records have already been achieved.

With the UAE’s rise in the establishment of new family offices, wealthy families from around the world have recognized the country’s appeal as a destination for their offices stemming from its combination of tax advantages, strategic location, robust financial services sector, and high-quality lifestyle amenities.

The report surveyed the views of family office chief executive officers, managing directors and staff to analyze succession planning, social mobility, and governance structures. It found that global family offices plan to diversify away from risky areas and invest in traditional, safe arenas where track records have already been achieved. This includes decentralizing risk by spreading investments across multiple areas with high return.

Among those areas of high return was crypto. In the report KPMG noted that crypto, a burgeoning area of interest in the UAE, could play a small role in global family office portfolios as CEOs and MDs explore it.

The report found that family office leaders in the region are aggressively pursuing strategies to grow their wealth and reputation.  Family-owned businesses play a vital role in the economy, contributing over 60% of the GDP in many regions. In 2021, financial wealth in the UAE grew by 20%; approximately 41% was generated by ultra-high-networth individuals and family offices, forecast to increase to 46% by 2026. It is estimated that the UAE’s financial wealth will continue to grow at a compounded annual rate of 6.7% and reach USD 1 trillion by 2026.

Raajeev B Batra Partner and Head of Private Enterprise at KPMG Lower Gulf, said: “Middle East family offices are approaching 2023 with an educated outlook. Previously many family offices focused heavily on investments and less on having a robust sophisticated operational infrastructure, but this trend has changed. The regulatory framework in the UAE more specifically has been a significant driver in attracting family offices to set up in the country.”

Tayyab Mohamed, Co-Founder of Agreus, said: “The contribution of family-owned businesses in the region cannot be stressed enough. They continue to remain a crucial part of the economy, with the UAE and KSA rapidly rising within this space. With the recent initiative by the DIFC to create the Global Family Business and Private Wealth Centre, we believe the Middle East is very competitively placed to be a hub for family offices in the future.”

Binance launches crypto futures products in Bahrain after it ends its crypto debit card offering with MasterCard

Binance launches crypto futures products in Bahrain after it ends its crypto debit card offering with MasterCard

Binance crypto exchange has announced the launch of crypto futures products in Bahrain after receiving regulatory permission.  With this Binance Bahrain BSC becomes the  first regulated exchange in the region to offer these services and the only exchange with a CAT4 licence.

The launch of these products follows a comprehensive regulatory review and consultation period to ensure that Binance Bahrain BSC, which operates the regulated Binance Bahrain platform, has met the necessary compliance and governance requirements to offer futures products locally in a regulated manner.

Eligible local users must complete and pass a mandatory suitability assessment questionnaire in order to access the products.

Tameem Al-Moosawi, General Manager of Binance Bahrain, said: “Binance is committed to compliance and its users, and we are focused on building the local digital assets ecosystem that is sustainable for the long-term.”

This announcement comes after cryptocurrency exchange Binance announced it  will suspend its crypto debit card services in Latin America and the Middle East from Aug. 25. The crypto debit card services in Latin America and the Middle East will be terminated by Sept. 21, but the exchange claimed refunds and disputes can still be processed until Dec. 20, 2023.

Binance was working with Mastercard in Bahrain but the crypto card program has been ended. Mastercard and crypto exchange Binance  ended four crypto card programmes in Argentina, Brazil, Colombia and Bahrain as of Sept. 22, a spokesperson for Mastercard said via email on Thursday.

The Binance cards allowed users to make payments in traditional currencies, funded by their cryptocurrency holdings on the exchange.

Holiday Swap joins UAE Ministry of Economy NextGen FDI program to enhance its AI and Blockchain capabilities

Holiday Swap joins UAE Ministry of Economy NextGen FDI program to enhance its AI and Blockchain capabilities

Holiday Swap,a vacation exchange and booking platform which seeks to enhance its platform utilizing AI ( Artificial Intelligence) and Blockchain, has joined the UAE Ministry of Economy NextGen FDI program, and will be basing its headquarters in the UAE.

The NextGen FDI program  is a  multistakeholder initiative that provides pioneering businesses from around the world with the market-entry fundamentals required to establish and scale their operations in the UAE.

Launched in 2018, Holiday Swap is a community-based platform that connects holidaymakers online, enabling them to swap homes or rent directly from one another at minimal or zero cost. Today, the platform has more than 120,000 listed properties across 185 countries, including the UAE, where it has approximately 1,200 listings. It aims to expand its listings to 400,000 properties by the close of 2023.

The company, which has developed its own proprietary software, has joined the NextGen FDI programme to consolidate its global operations in the UAE. The company will establish its headquarters in Dubai Internet City, supporting 500 jobs in the country within two years, 250 of which will be highly skilled, as it seeks to enhance its platform through advanced technology capabilities such as AI and blockchain.

Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, said, “The onboarding of Holiday Swap reflects the continuing success of the NextGen FDI programme in attracting pioneering companies to the UAE and fostering the development of cutting-edge solutions across a diverse range of economic sectors. The partnership is not only testament to the UAE’s position as a world-class hub for innovation but also the scale and sophistication of its travel and tourism industry, which contributed AED167 billion to the country’s GDP in 2022, a growth of more than 60 percent. We look forward to working with Holiday Swap to unlock new capabilities and adding a new dimension to our travel-related service exports.”

In response to joining the programme, James Asquith, Founder and CEO of Holiday Swap, commented, “We are thrilled to join the Ministry of Economy’s NextGen FDI program, a decision aligned with our commitment to innovation and expansion. Establishing our global operations HQ in Dubai Internet City positions us perfectly to leverage the UAE’s reputation as an international leader and a powerhouse in the travel and tourism industry.

UAE Crypto Oasis partners with Swiss Crypto Valley for WEB3FEST 2023 6 day festival

UAE Crypto Oasis partners with Swiss Crypto Valley for WEB3FEST 2023 6 day festival

UAE Crypto Oasis partners with Swiss Crypto Valley for WEB3FEST 2023 6 day festival between September 12th-17th in Zug and Zurich.

The Swiss WEB3FEST serves as a testament to their shared vision of ushering in the future of the internet. Crypto Valley, known for its pioneering role in blockchain and decentralized technologies in Switzerland and Lichtenstein, and the Crypto Oasis in MENA, a thriving hub for innovation, growth, and advancement, come together to present an event that encapsulates the essence of Web3.

Web3 encapsulates the upcoming phase of the internet, encompassing a spectrum of cutting-edge technologies including AI, Blockchain, Cryptocurrencies, Gaming, Sustainability, IoT, Metaverse, NFTs, and beyond.

Ralf Glabischnig, initiator of WEB3FEST, commented: “Our vision for this festival is to combine the exceptional potential of both Crypto Valley and Crypto Oasis. Switzerland is an outstanding location for founders looking to provide a regulatory home for their blockchain and Web3 startups. The Middle East offers a brilliant platform for these startups to scale internationally. With the launch of WEB3FEST, we aim to establish an annual Web3 event series worldwide.”

The festival sets off from September 12th to immerse participants and attendees in a dynamic journey through the diverse themes that define the Web3 realm.

NFT ART DAY: The festival’s curtain raiser on September 12th in Zug, will be a comprehensive survey exhibition of the Swiss NFT art scene and the inauguration of the Swiss NFT Timeline.

Web3 Gaming and Metaverse: The event’s second day invites attendees to dive into the realm of Web3 gaming and Metaverse projects. Engage with innovators and founders while gaining a deeper understanding of Internet Computer’s role in shaping the future of gaming. This will be followed by a tribute concert to Amy Winehouse combined with an AI-generated experience at the renowned Volkshaus Zurich.

Sustainability and Innovation: On the third day, the spotlight shifts to sustainability, and the role of AI and Web3 in building it. The European launch of The Green Block initiative, which underscores the festival’s commitment to sustainability and lines up to the launch of the first The Green Block report leading up to COP28 in the UAE.

 

Deep Dive Crypto Valley: Day four unravels the history of Crypto Valley in Zug with a deep dive into the ecosystem, with a focus on protocols and regulated digital assets businesses, where attendees can connect with the minds behind this vibrant blockchain hub. Engage in discussions with opinion leaders and investors over an exclusive brunch, lunch, or dinner that follows.

Ecosystem Unconference: Saturday, September 16th is all about connection and collaboration and open to the public to showcase tangible products and experiences. The Ecosystem Unconference, together with the Swiss NFT Association, welcomes forward thinkers from various domains. The Entire FIVE Hotel Zurich will be divided into experience areas focusing on AI, DeFi, Education, Longevity, Sustainability, NFTs, Real-world Assets, Gaming, and the Metaverse. This day will also witness the unveiling of the FIVE Zurich Metaverse by Pulse World.

Curtain Closer: The grand finale of the WEB3FEST will be a Networking Event on Sunday at the FIVE in Zurich. Attendees will have the opportunity to network over brunch and later by the pool, providing a relaxed setting to reflect on the festival, forge new connections, and plan for the year ahead. It’s the perfect ending to a week of innovation and collaboration.

The Swiss WEB3FEST is initiated by Inacta Ventures, Crypto Oasis Ventures, The Crypto Valley Association, and Trust Square, co-hosted by The Internet Computer, and is supported by the City and Canton of Zug in Switzerland.

Prior to this Crypto Oasis had announced that the orbs for WorldCoin ID verification were present at the crypto Oasis DIFC Innovation Hub office in Dubai.

As per Crypto Oasis post on LinkedIn,” We are currently supporting Worldcoin’s launch and spread across the UAE. Worldcoin is dramatically increasing access to World ID—the digital identity protocol powered by the Worldcoin ecosystem.”

Ornella Hernandez from Web3TV got scanned by a Worldcoin “orb” and signed up for a digital ID via the World App.

WorldCoin had announced in July 2023 that its orbs were available in the UAE.

India’s CoinDCX investment into UAE BitOasis crypto broker breaths new life into the company

India’s CoinDCX investment into UAE BitOasis crypto broker breaths new life into the company

UAE based BitOasis crypto broker exchange has announced that it has secured an investment from CoinDCX, India’s biggest crypt exchange. This comes after BitOasis’s license was suspended by VARA for not meeting requirements. The latest investment will give BitOasis a new life line.

As per the news, the new capital injection will help to support BitOasis’s vision to amplify its regional presence and secure further licenses in the region.

Commenting on the news, Ola Doudin, Co-Founder and CEO of BitOasis said: “We are delighted to be working with CoinDCX, India’s leading crypto platform. From our first conversations, it was clear we share a common vision and synergies across our markets that we look forward to building towards. The investment will allow us to sharpen our focus on perfecting our existing products and expanding across our markets. We are very excited about the opportunities the funding will unlock for us.”

Sumit Gupta, Co-Founder and CEO of CoinDCX stated: “We are immensely excited about investing in BitOasis, the largest crypto trading platform in the Mena region. We have been impressed by BitOasis’s excellent product offering, strong leadership and their persistence to serve customers in the most secure and compliant manner.”

The investment comes after news that CoinDCX was in talks to acquire BitOasis. BitOasis in the past month had let go of more than 30 employees.

Prior to that VARA had freezed BitOasis’s MVP operational license for non compliance to requirements set by the Dubai virtual asset regulator.

With this an Indian crypto exchange now has a foothold in the MENA region with the investment in BitOasis.