In a first of its kind move by a regional crypto exchange, the UAE- based BitOasis on June 1 launched ‘instant deposits’ in the Emirates.
This new tech-enabled service makes it possible for UAE-based customers to deposit the UAE Dirhams from their BitOasis-linked bank account to their BitOasis account instantly.
BOLT has been introduced with an aim to eliminate wait time with bank-to-exchange transfers, and to help traders make the most of well-timed trading opportunities. BOLT is a supplemental feature that improves upon BitOasis’ existing “Easy Funding” deposit option.
The Easy Funding deposit option enables users to link their UAE bank account with their BitOasis account, allowing them to deposit funds to their BitOasis account within the exchange’s app at zero cost. This takes away the hassle of making manual bank transfers to fund crypto buys on BitOasis.
Commenting on the product-market fit for BOLT in the regional crypto ecosystem, Ola Doudin, CEO and co-founder of BitOasis said: “The crypto space is no stranger to price volatility. Given recent price fluctuations, the slightest of delays in deposits on crypto exchanges can impact your trading strategy. BOLT will allow users to move quickly on trading decisions and make an especially big difference for high-value transactions.”
He continued: “The enabling of instant deposits on BitOasis also demonstrates our tech capability to develop and roll out new features that improve our customers’ experience with trading and investing on the platform. BOLT will now provide the fastest and most secure way to invest in crypto assets in the UAE.”
Product Feature Details
Using the BOLT feature on the BitOasis app is straightforward and hassle-free for users. All UAE-based, KYC verified users of BitOasis are shown the BOLT option when transferring funds from their local bank account to their AED wallet on the platform. The deposit amount per transaction using the BOLT option is currently capped at $6806. Users can choose to make multiple deposits of up to $6806, with no restriction on frequency.
A nominal fee of up to 1% of the deposit amount is applicable on all BOLT transfers. BitOasis currently allows its customers to make their first instant deposit powered by BOLT, completely free of charge.
The new launch is in line with BitOasis’ mission to build a world-class crypto platform and an open and inclusive financial system for the MENA.
BitOasis is the UAE’s first and the region’s largest crypto trading platform, having recorded over $4 billion in trading volume to date. The platform is on a high-growth trajectory, and the team behind itis actively working on scaling the business and expanding across the wider region.