Abu Dhabi’s virtual trading platform closes funding round

Abu Dhabi’s upcoming virtual asset trading exchange, MidChains, has closed its latest funding round with investments from a marquee list of investors, it announced on July 6.

Mubadala Capital, the asset management arm of Mubadala Investment Company; Miami International Holdings; the Abu Dhabi Investment Office (ADIO) and other regional investors partook in the investment.

ADIO has invested through its Ventures Fund, an initiative of the Ghadan 21 accelerator programme, created to support innovation-focused startups in Abu Dhabi.

However, the amount of the latest funding round remains undisclosed.

Operating within Abu Dhabi Global Market (ADGM), MidChains aims to offer one of the world’s first fully regulated and supervised ecosystem infrastructures for virtual asset trading and investing under the ADGM Financial Services Regulatory Authority’s (FSRA) regulatory framework.

MidChains is expected to launch trading operations in 2020, subject to FSRA approval.

“We are thrilled to strengthen our partnership with Mubadala Capital’s ventures arm and welcome Miami International Holdings and Abu Dhabi Investment Office as new investors and trusted partners,” said Basil Al Askari, co-founder and CEO of MidChains.

“We are proud to be the only Emirati founded virtual asset exchange in the capital and our group of world class shareholders bring a wealth of international experience that will allow us to build a global business out of Abu Dhabi.”

Dr. Tariq Bin Hendi, director-general of ADIO, said: “Abu Dhabi continues to grow as a FinTech hub, laying the foundation for exciting technology developments in the emirate and across the region. MidChains’ mission of becoming one of the first fully regulated trading venues in its field is aligned with ADIO’s belief in supporting companies with innovation at their core. We have invested in MidChains as part of our commitment to ensure that promising startups are given the help they need to take off and grow in Abu Dhabi, providing them with capital and support to develop cutting-edge solutions of global and regional significance.”