UNLOCK: Blockchain News, Latest Trends and News about Blockchain Technology

UAE's Mubadala Ventures invests in crypto asset trading platform Midchains

UAE's Mubadala Ventures invests in crypto asset trading platform Midchains

news

MidChains, an Abu Dhabi based retail and institutional focused digital asset exchange and custodian  has just closed an investment from Mubadala Investment Company (Mubadala) through its ventures arm. This is one of the first instances where Mubadala has invested directly into a digital asset company in the Middle East. 

MidChains confirmed that it received an in-principal approval in May 2019 from the Financial Services Regulatory Authority (FSRA) to establish and operate a global crypto asset exchange and custodian in Abu Dhabi Global Market (ADGM). MidChains is currently a tenant of Hub71, the global tech ecosystem driven by Mubadala Investment Company in collaboration with Microsoft, SoftBank Vision Fund and Abu Dhabi Global Market.

Subject to final regulatory approvals, MidChains is set to launch by end of 2019 where it aims to offer a full suite of comprehensive institutional services, to enable the fintech ecosystem to grow both regionally and globally. Employing superior order management, security, and compliance solutions, the trading platform will also offer custodial services, access to large pools of liquidity.

Basil Al Askari, Co-Founder and CEO of MidChains, and co-founder Mohamed Al Hashemi, joined forces to build an institutional digital asset ecosystem for the United Arab Emirates and the wider region using Emirati talent. Al Askari commented: “We are extremely excited to be one of the first Mubadala’s portfolio companies in the digital asset space. It is important to note that Mubadala, a UAE company is investing in local startups and founders. Given Mubadala’s reputation as a global investment company, this investment will provide us with a platform to scale up, including for retail and institutional clients. Being a part of Hub71 is inspiring as it resonates with our mission to build a next generation international business from Abu Dhabi with local talent. We look forward to continuing our work with Mubadala and ADGM on this journey, and hope to set an example for other businesses in the digital asset space.” 

Ibrahim Ajami, Head of Mubadala Ventures adds: “We’re excited to be an early-stage investor in a company like MidChains which is both an Abu Dhabi-based company and one founded by two inspiring nationals. This is in-line with our investment strategy to find and nurture home-grown startups, adding more value to the Hub71 ecosystem by investing in innovative technology companies. The digital asset space is one watch. As with any new areas of technology, there will be bumps in the road, but ultimately, we believe that companies like MidChains have what it takes to succeed.”

Mahmoud Adi, CEO of Hub71 commented: “It is inspiriting to see high achievers like Basil and Mohamed breaking barriers and pushing boundaries. We look forward to working with our partners at ADGM to help support our startups in creating history within the digital asset space. We’re pleased to see technology investors like Mubadala investing in new areas of technology within the region, as it only further demonstrates the high-level quality innovation being produced in Abu Dhabi.”

Source: Midchains press release
Home

Copyrights © 2019
Developed by Al-Iktissad Wal-Aamal Co.

Stay updated with the latest Blockchain news. Subscribe and never miss a story!