Thursday July 18th, 2024
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Blockchain Startup ArabianChain Lands Over $800,000 in Investment

The UAE-based startup, the first Arab public blockchain platform, raised AED 3 million from a Saudi-based engineer. Operating for less than a year, the startup is on its way to revolutionising and innovating blockchain technology in the region.

Staff Writer

It's the region's first public, decentralised and secure blockchain, and in less than a year since its launch, it's already making waves. ArabianChain allows for globally accessible smart contracts and decentralised Apps to be developed; through its public blockchain platform, users can build, transact and track cryptocurrencies safely over a network of thousands of connected yet distributed devices. Now, as they just raised AED 3 million ($817,000) in funding from Saudi-based Engineer and Vice President at House of Invention International, Ahmed Bugshan, the startup hopes to play a vital role in shaping the future of blockchain in the Arab world.

Although the startup launched in early 2017 and is still in pre-revenue stage, it has already worked with top-notch firms like Oracle, Microsoft, Ericsson and Dell-EMC with a special focus on the UAE, Saudi Arabia and Kuwait. Co-founded by Mohamed Alsehli and Walid Messaoudi, the company aims to revolutionise the way governments, organisations and individuals perceive and deal with the economy, electronic services and generally, the digital transformation through blockchain technology.

Instead of giving users a set of predefined instructions - like Bitcoin - ArabianChain allows the complexity of instructions to be determined by the user. In addition to DBIX, which will allow for "a secure, agile and an economical way of payments and money transfer while shifting everyday monetary activities into the future," they have released a roadmap that determines the launch of each of their projects, hoping to develop smart contracts between now and the end of the year.

ArabianChain is one of the few startups supporting Dubai's initiative to secure all government documents on a blockchain by 2020. Furthermore, the startup is also focusing on the Islamic Banking sector to be aligned with the Islamic Digital Economy initiative in Dubai. 

Photo Credits: ArabianChain 


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