BitOasis, a Dubai-based cryptocurrency exchange is now adding support for Ripple on its platform, as recently announced. The transactions will start on Tuesday, January 30th, when investors will be able to buy XRP tokens with their credit cards or through AED wire transfers. Users will be able to use credit cards issued by UAE banks only. The site only allows the use of bitcoins and ethereum on its platform as of now.
Ripple draws attention
In 2017, Ripple became the hottest new cryptocurrency on the market. Its founder shortly became the world’s richest man, thanks to a sudden, unprecedented surge in prices. In a matter of 6 six, the currency’s price went from $0.20 to $3.50. Ripple is often criticized as a cryptocurrency because it is being designed to be used by banks, in a more centralized structure. However, this has not deterred investor interest, who like the use case of this currency and its upward potential as well.
As BitOasis adds it to its list of tradable currencies, Ripple will find more acceptance in the Middle Eastern markets. Despite sharp fall in the price of Ripple from its all-time high, it is still trading in at $1.25. This makes it the third largest cryptocurrency by market capitalization.
The platform released a statement about the new addition to their stable on Sunday. It said, “We’ve decided to introduce XRP trading to meet the increased demand from our customers to add to the list of major cryptocurrencies and digital assets offered on our platform.”
BitOasis was founded in 2014 by Ola Dudin, a Jordanian entrepreneur. At first, the platform only supported bitcoin but added Ethereum in February 2017. All old customers will be able to transact with Ripple on the platform. The new customers must submit their verification details on the platform on January 30th to be able to trade on the platform with higher limits.
Growing crypto market in the Middle East
The Middle East, especially the UAE has a very positive outlook on cryptocurrencies. Dubai is even experimenting with blockchain based governance and presenting a solid example to the world in tech adoption.
The founder of Jadopado, Omar Kassim, suggested that he will start his own exchanged called Bitpado very soon. Palmex also launched in the region in January, bringing a promise of seamless crypto trading to the users.
BitOasis seems to take altcoins very seriously. In the statement, it also mentioned, “As one of the largest and fastest-growing companies in the blockchain space in the region, we’re committed to providing our customers with a secure way to buy and sell Bitcoin, Ethereum and now, Ripple.”
However, the exchange had some troubles with the authorities earlier this month when Emirates NBD blocked some transfers on the platform. Other exchanges were also affected by this decision. The platform remains certain that the NBD ban does not restrict any transfers or trading on their platform. It also ensured that customers could safely buy, sell or transact in bitcoin on their platform.