MidChains Rebrands to Ousoul After Quiet Years in Abu Dhabi’s Crypto Scene

Once considered one of the UAE’s most promising crypto ventures, MidChains Ltd, a digital asset trading platform licensed by Abu Dhabi Global Market (ADGM), has officially rebranded to Ousoul Assets Custodian and Trading Facilities Limited, effective March 19, 2025.

According to a company email sent to clients, the name change aims to "enhance services and align the brand with core values." The move was also reflected in the ADGM public registry, signaling a formal transition from the MidChains identity.

Monetization and a New Chapter

Unlock Blockchain reached out to MidChains for comment, and CEO Basil Al Askari shared the following official statement: “We have monetized our ADGM regulated entity. We are grateful for the support from the FSRA and ADGM over the last 6 years. MidChains is excited for our next chapter with our move to onshore business—stay tuned for announcements soon.”

This statement confirms that the rebranding to Ousoul Assets Custodian and Trading Facilities Limited is part of a broader monetization and exit strategy from ADGM, with MidChains now looking ahead to a new onshore venture.

While Ousoul inherits the ADGM license and will likely continue servicing digital asset clients, MidChains itself is transitioning out of the free zone and into a new phase. No additional details have been shared about the nature or focus of the upcoming onshore entity

A First Mover That Never Took Off

Launched in 2017, MidChains had the distinction of being one of the first regulated digital asset exchanges in the UAE. It secured investments from leading institutions, including Mubadala Investment Company, ADIO, and Miami International Holdings. In 2021, it completed its first regulated crypto trades—yet despite its early advantage and institutional support, MidChains never reached breakout scale.

Its platform remained largely under the radar, even as UAE regulators continued to open up the digital asset ecosystem. As the crypto landscape matured, competitors with more aggressive go-to-market strategies seemed to surpass MidChains in visibility and user engagement.

Was It Strategy or Scrutiny?

The reasons for MidChains' limited market presence remain speculative. Was it a deliberate low-profile approach aimed at institutional clients? Or did ADGM’s high regulatory standards, while ensuring investor protection, create hurdles too steep for early-stage platforms to scale effectively?

The rebrand to Ousoul Assets Custodian and Trading Facilities Limited may suggest a pivot toward a more focused institutional or custodial role in the market. The company’s new website www.ousoul.com provides minimal details, and no changes in leadership or ownership have been publicly confirmed.

What’s Next for Ousoul—and MidChains?

Despite the rebrand, the company remains licensed by ADGM and continues to operate out of Al Sila Tower, Al Maryah Island, a prime financial center in Abu Dhabi. All client agreements reportedly remain in force, and operations are ongoing under the new name.

While MidChains’ exit from the public spotlight marks the end of a quiet era, it also reflects a broader reality in regulated crypto markets: first-mover status doesn't guarantee long-term success—especially in an environment where regulatory compliance and strategic execution must go hand in hand.

Meanwhile, MidChains is preparing for its next chapter, potentially within the UAE’s onshore regulatory environment. With the team promising more updates soon, the story of MidChains may still be unfolding.

Unlock Blockchain will continue to follow the evolution of both entities as Abu Dhabi’s digital asset ecosystem matures.

NB: Article has been updated on the 25 of April, 16:06 UAE time - Adding Midchains comment