ABU DHABI, September 27, 2021 (WAM) – MidChains, the Abu Dhabi-based virtual asset trading platform and part of the Hub71 cohort, has completed its first transactions on all of its listed assets as a trading platform fully regulated and supervised operating under the Regulatory Framework of the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM).
MidChains has confirmed transactions on Bitcoin, Ethereum, Litecoin, and Bitcoin Cash and is the first regulated platform in the UAE to complete transactions on all of these virtual assets on September 1, 2021. MidChains’ currently listed crypto assets for the trading represent more than 65%. of the global market capitalization of the cryptocurrency market.
As one of the first fully regulated virtual asset trading platforms in Abu Dhabi, MidChains is backed by notable regional and international investors including Mubadala Investment Company (Mubadala), Miami International Holdings and DisruptAD, the platform – ADQ venture capital form.
MidChains is the first and only fully regulated virtual asset trading platform to receive support from sovereign wealth funds in the region.
“We are delighted to have completed our first trades on the MidChains platform and to give our clients – whether institutions or individuals – the opportunity to trade freely, securely and equally,” said said Basil Al Askari, co-founder and CEO of MidChains. . “ADGM has a strong regulatory framework for virtual assets that gives market participants the peace of mind to use their capital to trade, store and retire virtual assets. We are proud to be an Emirati company building a global business.
Mohammed Ali Al Shorafa, Chairman of the Abu Dhabi Economic Development Department, said: “Abu Dhabi’s FinTech industry is advancing at the pace of the introduction of breakthrough solutions and technologies that improve the overall offering. of the ecosystem. With its innovative spirit above all else, MidChains is poised to transform the way business is conducted across the UAE and beyond. We congratulate MidChains on completing their inaugural exchanges and look forward to celebrating the future successes of a local innovator. “
Ibrahim Ajami, Head of Ventures & Growth at Mubadala, commented: “We invested in MidChains early in its life cycle based on our belief in its ability to bring virtual asset trading to the region in a secure manner. and regulated. We are delighted to see the company’s trading platform is now fully operational, and look forward to continuing our collaboration. “