BitOasis has announced that it has become the first crypto exchange in the UAE to set up a local bank funding option for consumers, in a move that is expected to accelerate the pace of evolution in the UAE crypto market. This will allow all users in the UAE to make free local transfers from their UAE bank account to their BitOasis account. They will also be able to withdraw funds from their BitOasis account to their UAE bank account at no fee.
Apart from the complete abolition of deposit and withdrawal fees, sending funds to a user’s BitOasis account will now be significantly simpler and faster. Users can quickly transfer money to the BitOasis platform after adding the platform as a beneficiary in their online banking profile. Long processing periods, such as those observed with international wire transfers, will be drastically reduced as a result of this.
According to Ola Doudin, CEO and co-founder of BitOasis, “We’re always searching for innovative ways to make purchasing and trading crypto assets easier for our consumers at BitOasis. By becoming the first crypto asset exchange in the UAE to set up local funding options, we’re hoping to bring an unparalleled level of ease and efficiency to how people buy, sell and trade crypto assets while providing higher levels of consumer protection and staying compliant through working with local partners.”
“We’re also grateful for the continued support of the UAE government and our partnership with the authorities and national banks that will help accelerate our growth in a compliant and regulated manner.”
This statement follows BitOasis’ USD 30 million Series B fundraising, as well as its recent partnerships with the UAE FIU (Financial Intelligence Unit) and Dubai Police HQ, all of which aim to increase awareness about crypto fraud.
In conjunction with this launch, BitOasis is providing a brand new ‘Easy Funding’ feature that will allow platform users to make zero-fee local deposits directly from the BitOasis mobile app or website. BitOasis has taken a step closer to creating a more consumer-centric, secure, and compliant crypto economy in the country, and potentially in the wider region, by providing these new services.