Abu Dhabi's MidChains secures funding from Mubadala, ADIO

MidChains is expected to launch trading operations in 2020

  
Investors monitor screens displaying stock information at the Abu Dhabi Securities Exchange June 25, 2014. Image for illustrative purposes

Investors monitor screens displaying stock information at the Abu Dhabi Securities Exchange June 25, 2014. Image for illustrative purposes

REUTERS/Stringer

MidChains, an Abu Dhabi-based upcoming virtual asset trading exchange, has closed its latest funding round.

Mubadala Capital (the asset management arm of Mubadala Investment Company), Miami International Holdings and the Abu Dhabi Investment Office (ADIO) were among the investors in addition to other notable regional backers. The funding sum was not disclosed.

MidChains, which operates within Abu Dhabi Global Market (ADGM), is expected to launch trading operations in 2020, subject to the Financial Services Regulatory Authority (FSRA) approval.

“As we aim to launch the MidChains platform later this year, the backing of established institutions will enable us take the next steps in our development while supporting our long-term growth strategy, which is aligned with Abu Dhabi 2030 Economic Vision objectives, in regards to the development of financial markets,” Basil Al Askari, co-founder and CEO of MidChains said.

“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,” Al Askari added.

(Writing by Gerard Aoun; Editing by Seban Scaria)

(gerard.aoun@refinitiv.com)

#ADGM #FSRA #UAE

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