Emirati Cryptocurrency Trading Startup MidChains Scores Investment from Mubadala Ventures
The startup gained the approval from ADGM’s Financial Services Regulatory Authority to set up and operate a crypto-asset exchange service on a regional scale.
MidChains, an Abu Dhabi-based crypto asset trading and exchange platform, has raised an undisclosed amount of investment. After recently gaining the approval of Abu Dhabi Global Market (ADGM) to operate a crypto asset exchange in the capital, the investment shows that Mubadala Ventures understands the value of cryptocurrency and the vital role it will play in the world’s economy in the upcoming years.
MidChains has been offering digital asset exchange and custodian services since its establishment two years ago. Last month, the startup also gained the approval from ADGM’s Financial Services Regulatory Authority to set up and operate a crypto-asset exchange service on a regional scale. With this investment, MidChains becomes one of the few digital asset firms in the MENA to receive funding from Mubadala.
Based in the new Hub71 accelerator office in ADGM, MidChains plans to launch its platform by the end of 2019 and will be targeting both retail and institutional investors in digital assets. “Given Mubadala’s reputation as a global investment company, the investment will provide us with a platform to sale up, including for retail and institutional clients,” said Basil Al-Askari, co-founder and CEO of MidChains.
