US Based MIH Holdings takes equity stake in UAE Midchains digital asset trading platform
MidChains, an upcoming digital asset trading exchange based in Abu Dhabi Global Market (ADGM) seeking to operate under the Financial Services Regulatory Authority (FSRA) framework, announced this week that MIH Miami International Holdings, Inc. (MIH), the parent holding company of the MIAX Options®, MIAX PEARL™ and MIAX Emerald™ options exchanges (the MIAX Exchange Group™), has agreed to purchase an equity stake in MEEG Holdings Limited, the parent holding company of MidChains. As part of the agreement, the parties will pursue joint technology licensing and product listing opportunities internationally, including in the Middle East and Bermuda, subject to regulatory approval.
“We are always looking for new opportunities to address emerging markets, especially in the digital asset sector, and we are confident that MidChains will establish itself as one of the world’s foremost digital asset trading exchanges,” said Thomas P. Gallagher, Chairman and CEO of MIH. “This strategic alignment will enable both MIH and MidChains the ability to provide digital asset products to customers on a global scale.”
MidChains is seeking to become one of the world’s first fully regulated exchanges for digital asset trading and investing with a direct access public exchange. It expects to launch in the international financial center and free zone ADGM in mid-2020, subject to FSRA approval. Current investors in MidChains include Mubadala Investment Company, one of the world’s leading sovereign wealth funds. “We are thrilled to be partnering with such a well-recognized exchange operator as MIH,” said Basil Al Askari, co-founder and CEO of MidChains. “This is a tremendous opportunity for both parties, and we look forward to working with MIH and the MIAX Exchange Group on numerous technology and digital asset product collaborations following launch.”