Dubai-based startup BitOasis has announced the launch of a new bitcoin buying platform.
Aimed at consumers in the Middle East and North Africa (MENA) region, the platform was revealed at the TechCrunch Disrupt NY Startup Alley, a venue for early-stage companies taking place over the course of the three-day conference.
Co-founder Ola Doudin explained that the goal of the service is to increase bitcoin liquidity in the Middle East as part of BitOasis‘ long-term strategy of serving what she characterized as the vital remittance corridors of the region.
Doudin told CoinDesk:
“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. It’s a connection between different countries and different markets and we see a big opportunity for bitcoin.”
For now, Doudin indicated that BitOasis is acting as a bitcoin brokerage, accepting eight currencies on behalf of UAE customers. BitOasis purchases bitcoin on other, more liquid markets, with the goal 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.
“Bitcoin can fill lots