Dubai-based startup BitOasis is all set to launch new Bitcoin buying platform for customers as it aims to expand its reach to the Middle East and North Africa (MENA) region. The announcement came at the TechCrunch Disrupt NY Startup Alley, a venue for early-stage companies taking place over the course of the three-day conference.
Talking about the new Bitcoin buying platform to be launched soon, co-founder Ola Doudin explained that their goal is to increase Bitcoin liquidity in the Middle East. The launch is a part of BitOasis’ long-term strategy of serving what she characterized as the vital remittance corridors of the region.
Nonetheless, BitOasis believes that the UAE specifically serves as a gateway to the Middle East, but it’s a big outbound remittance market with corridors to India, Philippines, Thailand, Kenya and other countries. Additionally, the company believes that it’s a connection between different countries and different markets and we see a big opportunity for Bitcoin.
Doudin also indicated that his company is acting as a Bitcoin brokerage, purchasing Bitcoin on other, more liquid markets. Their goal is of one day opening up cash-in, cash-out services that can appeal to the 75% of consumers in the region locked out of traditional bank accounts. Nonetheless, she believes Bitcoin can fill lots of gaps in the Middle East.
Particularly, when it come to payments and providing affordable financial services for an underserved market. Nonetheless, in addition to the brokerage service, BitOasis offers a three-key multisig wallet as well. According to the firm there are 15,000 users who registered with it since its January launch.
The UAE has Huge Potential to Emerge as Bitcoin Hub
Most of these users are from the UAE, Egypt, Morocco and Tunisia, as well as Indonesia and Malaysia. Interestingly, BitOasis does not serve customers in the US; however, Doudin explains that the company sought to foster connections with the broader payments industry at TechCrunch.
The company hoped that it will get selected by popular vote for a presentation slot on the event’s main stage. While BitOasis fell short in the vote, Doudin said her company received attention due to what she characterized as their ‘unique story’ i.e. the few Bitcoin companies that services MENA markets and one of the only Bitcoin companies at the event.
She believes that UAE has been open for innovation for years and they’ve been embracing innovation on different industries, so there is huge potential and great opportunity for her company.
To contact the reporter of this story: Deepak Tiwari at email@example.com