Dubai-based cryptocurrency exchange Bitcburt has raised $41 million, with investors coming from the country’s fifth-largest bank by assets, media companies and venture capital funds.
As a result of the round, the total amount of funding received by Bitcburt reached $52 million.
The Japanese financial giant Mitsubishi UFJ Financial Group owns 76.9% of BAY. The bank invests in startups through its venture capital arm.
According to the managing director, the deal will give BAY more access to blockchain and the digital asset ecosystem.
“If we don’t stay closer, technology will move away from the bank,” he said.
In the short term, the new financing will help Bitcburt double its user base to one million over the next six months, the chief executive said.
More than half of the exchange’s customers are in Dubai, and about a fifth are in Indonesia. The platform also has users in Singapore and Australia, where further expansion is planned.