MidChains, the virtual asset trading platform based in Abu Dhabi and part of Hub71’s cohort, has completed its first trades across all their listed assets as a fully regulated and supervised trading platform. It operates under the Financial Services Regulatory Authority’s (FSRA) regulatory framework of Abu Dhabi Global Market (ADGM).
MidChains has confirmed trades across Bitcoin, Ethereum, Litecoin and Bitcoin Cash and is the first regulated platform in the UAE to have conducted trades across all these virtual assets on 1st September 2021. MidChains’ current listed crypto assets for trading make up more than 65 percent of the global market cap 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, ADQ’s venture platform.
MidChains is the first and only fully-regulated virtual asset trading platform to receive sovereign wealth fund backing in the region.
“We are thrilled to have completed our first trades on the MidChains platform, and giving our clients – whether they are institutions or individuals – the ability to trade freely, safely and equally,” said Basil Al Askari, co-founder and CEO of MidChains. “ADGM has a robust virtual asset regulatory framework which gives market participants that the peace of mind to put their capital to work to trade, store, and withdraw virtual assets. We are proudly an Emirati company building a global business.”
Mohammed Ali Al Shorafa, Chairman of the Abu Dhabi Department of Economic Development, said, “Abu Dhabi’s FinTech industry is moving forward at pace with the introduction of revolutionary solutions and technology that improve the offering across the entire ecosystem. With its innovation-first mindset, MidChains is set to transform the way that trading is conducted across the UAE and beyond. We congratulate MidChains on completing its inaugural trades and look forward to celebrating the future successes of a homegrown innovator.”
Ibrahim Ajami, Head of Ventures & Growth at Mubadala, commented, “We invested in MidChains early in its lifecycle based on our belief in its ability to bring virtual asset trading to the region in a secure and regulated way. We are pleased to see the company’s trading platform now fully operational, and we look forward to our continued collaboration.”