Dubai-based cryptocurrency exchange BitOasis, which was founded in 2014 by Jordanian entrepreneur Ola Dudin, is to add Ripple to its list of tradable currencies.
Starting from Tuesday, January 30, customers can buy Ripple (XRP) tokens on the platform using wire transfers in AED or credit cards issued by UAE banks.
Currently, the site allows traders to buy and sell BitCoin and Ethereum, the two biggest coins by market cap, but the interest in Ripple has surged along with its price – which increased from just $0.20 to nearly $3.50 in the space of six weeks towards the end of 2017.
Although the price has retreated back to around $1.25, it is still the third largest crypto by market cap.
“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,” said BitOasis in a statement issued on Sunday, January 28.
“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.”
The move comes as more cryptocurrencies emerge in the UAE. Palmex was launched in January, while Jadopado founder Omar Kassim recently announced plans for his own exchange, called Bitpado.
Earlier in the month, Emirates NBD had blocked some transfers to BitOasis and other cryptocurrency exchanges, although in a statement it insisted that it “does not prohibit customers from undertaking transactions involving blockchain-based trading platforms including transactions with BitOasis, other similar companies or any Bitcoin transactions”.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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