Midchains to open institutional crypto trading platform in UAE
Midchains, under the new Abu Dhabi Global Market (ADGM) Crypto Asset regulatory framework, will be launching its services in 2019. Midchains is an institutional securities and digital asset trading platform.
With offices in Abu Dhabi,the team consists of Mr. Basil Al Askari, Co-Founder of Midchains and previously a member of the private equity investment team at Mubadala and Mohamed Al Hashemi and Chris Ryan.
According to the website, “the platform can be used to trade Bitcoin Ethereum, Stellar, Ripple and others including listing of securities, commodities and forex transactions.
The company said it has submitted an application with the Financial Services Regulatory Authority (FSRA) of ADGM. Pending regulatory approvals, MidChains plans to launch a fully regulated platform with a suite of institutional services, to enable the ecosystem to grow both regionally and globally.
As stated in Arabian Business, Basil Al Askari, co-founder and CEO of MidChains, said the firm’s near-term goal is to launch a robust and professional exchange for digital assets.” He added: “We see two key gaps to fill in the digital asset market and in the evolution of electronic investment trading. The first is providing a sophisticated crypto capital market for professional investors to transact with their preferred strategies. The second is in building a future proof financial infrastructure to incentivize both new and existing investment services firms to conduct business in ADGM.