The GCC’s Tech Vanguard: BitOasis' Ola Doudin
The co-founder and CEO of BitOasis was one of the 30 innovators celebrated in Inc. Arabia's December 2024 special feature, The GCC's Tech Vanguard.
As the co-founder and CEO of BitOasis, the first – and one of the largest – regional cryptocurrency trading platforms in the MENA region, it’s certainly not hyperbole to state that Ola Doudin is an icon in the region’s virtual assets ecosystem.
Having launched BitOasis in the UAE in 2016, Doudin’s work has played an integral role in establishing this industry as an emerging pillar of the local economy, building public and regulatory trust in virtual assets, as well as in the underlying technology. In fact, since its inception, the company has processed close to US$7 billion in trading volume and raised more than $40 million in funding from leading regional and global investors.
“I remember reading about Bitcoin for the first time in 2015, and being immediately taken by the transformative promise of blockchain technology and virtual assets,” Doudin recalls. “Back then, there were very limited opportunities for people across the MENA to buy, hold, and sell virtual assets through reliable, safe, and secure local trading platforms. In 2016, my co-founders and I launched BitOasis in Dubai to bridge this critical gap, and our company has ultimately grown into one of the largest regional virtual assets broker-dealer platforms, a pioneer for our industry in the region.”
But don’t take Doudin’s statement at face value though — just look at the many “firsts” that BitOasis has to its credit when it comes to the virtual assets’ ecosystem of this region. The company was the first virtual asset service provider (VASP) in Dubai to enable its users to withdraw their assets to local bank accounts; in December this year, it also secured a full VASP license from the Virtual Assets Regulatory Authority (VARA) in the emirate. This follows BitOasis becoming, in 2022, one of the first platforms to secure a provisional operating permit from VARA, shortly after the regulator’s launch earlier that year; in 2021 it was also the first VASP to register with the UAE’s Financial Intelligence Unit.
Such achievements paint a picture of how, earlier this year in July, BitOasis came to be acquired by CoinDCX, India’s largest crypto exchange. The transaction — which was billed as “a first-of-its-kind deal” — sees BitOasis consolidate its position as the go-to platform for retail, institutional, and high-net-worth individuals in 15 countries across the GCC and the broader MENA region to buy, sell, and hold over 75 tokens with fiat currencies such as AED and USD. Indeed, BitOasis currently has approximately $350 million in assets under custody.
BitOasis is thus clearly well-positioned to leverage the growth and evolution happening in the crypto ecosystem, and it’s a prospect that Doudin is certainly excited by. “The virtual assets industry is primed for significant growth in the coming years, driven in part by rising institutional adoption, as the sector matures and stakeholders grow more comfortable with the technology and its more practical use cases,” Doudin points out. “There is also significant progress made from a technology perspective in scaling protocols and supporting future decentralized applications and use cases. In the near future, tokenization of assets and stablecoins will be central to this evolution.”
BitOasis therefore has an important role to play in this new era of tech — especially when it comes to the impact it can have on the region in which it operates. “Virtual assets carry the potential to advance financial inclusion and empowerment, creating a more open, equitable, and efficient financial ecosystem globally — one that is integral to thriving digital economies,” Doudin explains. “By enabling new channels for investment, increasing access to financial services, and streamlining cross-border transactions, blockchain-based solutions can shape stronger, more resilient economies around the world. This vision continues to guide our work at BitOasis.”
A Playbook For Success: Q&A With Ola Doudin
Given the investment that GCC countries are putting into tech, what role do you think the region will play in the global landscape in the future?
“The GCC is on a path to become a global hub for technological innovation and investment. The region’s forward-looking policies, substantial available funding, and growing pool of tech talent foster an environment where emerging technologies, from fintech and blockchain to artificial intelligence, can be rapidly developed, tested, and scaled. In addition to serving as a home for innovative global businesses, I believe the region is poised to become a hub for launching original, disruptive technologies that will shape industries and markets globally.”
What’s your advice for people/businesses looking to start/grow in the GCC’s tech domain? Any specific advice you’d give women embarking on this field?
“I would encourage young entrepreneurs to be clear about their purpose and focus on building trust, credibility, and a clear value proposition, without which no business can thrive. For women specifically, I encourage you to own your expertise and perspective. Historically, like many other industries, tech has been male-dominated, but this is changing. Don’t be afraid to take risks, advocate for yourself, and be your own champion. Over time, we will see more women not only participating in this space but shaping its future.”
Disclaimer: BitOasis does not provide investment or legal advice. Cryptocurrency trading involves substantial risk and extreme volatility; you may lose all value invested without any financial protection. Seek independent advice if necessary.
BitOasis' Ola Doudin was one of the 30 innovators celebrated in Inc. Arabia's December 2024 special feature, The GCC's Tech Vanguard. For the full list of The GCC's Tech Vanguard, please click here.
