Online payment service provider PayFort is among a number of participants to invest in a seed funding round for Dubai-based bitcoin startup BitOasis.
With the announcement, BitOasis becomes the first bitcoin startup in the region to announce venture funding, which positions the firm at the forefront of a very nascent sector of the global bitcoin and blockchain industry.
CEO Ola Doudin said that the funding would be used to expand BitOasis and its bitcoin payments and exchange services to new markets throughout the Middle East and North Africa.
Doudin said in statements:
Doudin said the startup would also seek to strengthen its presence in Dubai, an area that has emerged as the regional leader in bitcoin and blockchain technology.
The funding comes on the heels of the March launch of the Global Blockchain Council (GBC), a 32-member consortium of regional startups, local government entities and the area divisions of international IT giants including Cisco, Microsoft and SAP.
Doudin is also scheduled to appear with partners from this group at Keynote 2016 next week. To be held on 30th May, the Dubai-based conference will see a notable selection of Global Blockchain Council members discuss topics related to the blockchain ecosystem and its potential in the region.
Disclaimer: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in BitOasis.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.