UAE-based leading cryptocurrency trading platform BitOasis has become the first crypto exchange to set up a local bank funding option for users in the country.
According to the company statement, 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. Further, the users will be able to make zero-fee withdrawals from their BitOasis account to their UAE bank account.
As per the company, “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.”
Users can quickly transfer money to the BitOasis platform after adding the platform as a beneficiary in their online banking profile. This will help dramatically cut down lengthy processing times as seen with overseas wire transfers.
“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.”
This launch follows BitOasis’ $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 introducing 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 another step toward creating a more consumer-centric, secure, and compliant crypto economy in the country by launching these new services, as per the statement.