BitOasis launches zero-fee local funding option for UAE-based customers
The UAE’s largest crypto asset exchange becomes the first in the country to introduce local funding option with zero-fee payments and withdrawals for UAE bank account holders
In a breakthrough move that’s set to dial up the pace of evolution in the UAE crypto space, BitOasis announces that it has become the first crypto exchange in the country to set up a local bank funding option for users. This will enable all UAE-based users of BitOasis to locally transfer funds from their UAE bank account to their BitOasis account free of any charges. They will also be able to make zero-fee withdrawals from their BitOasis account to their UAE bank account.
Besides the altogether elimination of deposit and withdrawal fees, the process of moving funds to the user's BitOasis account will now be much easier and faster. Once the platform has been added as a beneficiary within the user’s online banking profile, they can swiftly move money to the BitOasis platform. This will help dramatically cut down lengthy processing times as seen with overseas wire transfers.
Ola Doudin, CEO & co-founder of BitOasis said, "At BitOasis, we're constantly looking for new ways to simplify buying and selling of crypto assets for our customers. 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 launch comes right at the heels of BitOasis's USD 30 Million Series B funding announcement, its recent tie-up with the UAE FIU (Financial Intelligence Unit) and partnership with Dubai Police HQ, through which it aims to raise awareness around crypto fraud.
In parallel with this launch BitOasis is also introducing a brand new 'Easy Funding' facility which will allow the platform's users to complete their zero-fee local deposits from within the BitOasis mobile app or website. By introducing these new services, BitOasis has come one step closer to building a more consumer centric, secure and compliant crypto ecosystem within the country, and hopefully within the wider region very soon.