MidChains, an Abu Dhabi based blockchain enabled financial investment exchange, is set to open a crypto exchange business under the new Abu Dhabi Global Market (ADGM) Crypto Asset regulatory framework. MidChains is focused on the institutional market and professional investors.
The company has submitted an application with the Financial Services Regulatory Authority (FSRA) of ADGM. Pending regulatory approvals from FSRA, MidChains plans to launch a fully regulated platform with a suite of comprehensive institutional services, to enable the ecosystem to grow both regionally and globally. Employing superior order management, security, and compliance solutions, this trading platform will also offer custodial services in addition to large pools of liquidity, including material orders via an Over the Counter (OTC) desk.
Basil Al Askari, Co-Founder and CEO of MidChains was part of Mubadala Investment Company’s Private Equity Fund before his passion, alongside his co-founders Mohamed Al Hashemi and Chris Ryan, was ignited to build an institutional digital asset ecosystem for the UAE and the region. He said the firm’s near-term goal is to launch a robust and professional exchange for digital assets through ADGM’s crypto regulatory framework, adding comfort to professional investors on the prospect of fair dealing through robust regulatory oversight.
He says, “We see two key gaps to fill in the digital asset market and in the evolution of electronic investment trading. The first is providing a sophisticated crypto capital market for professional investors to transact with their preferred strategies. The second is in building a futureproof financial infrastructure to incentivize both new and existing investment services firms to conduct business in ADGM. We are encouraged to see ADGM pioneering this space and acting as a fintech hub for Emirati startups, enabling us to compete on a global scale.”
The company has institutional grade technology built by veteran Wall St. electronic financial trading engineers & systems architects. The platform can be used with Bitcoin, Ethereum, Stellar, Ripple, and others, including capabilities to list securities, commodities, and facilitation of forex transactions, subject to regulatory approvals.
The MidChains executive management team has received queries from a number of potential investors in the business whom they have been in active discussion with. Prospective investors include regional family offices, venture capital firms, and large institutional investors such as regional sovereign wealth funds.
About MidChains
Founded in 2017, MidChains is an upcoming institutional crypto asset trading platform based in Abu Dhabi Global Market (ADGM) seeking to operate under the Financial Services Regulatory Authority (FSRA) regulatory framework. The platform will provide one of the world's first fully regulated and supervised ecosystem infrastructures for digital asset trading and investing (crypto assets, security tokens, stable coins) with a membership and direct access public exchange; supported by investment grade technology enabling a suite of sophisticated order types, flexibility on custodianship, low-latency features, robust compliance, market abuse controls, and highly competitive pricing. MidChains is targeting its services to high frequency traders, liquidity providers, hedge funds, active asset managers, block traders, and brokerages. The business aims to complete setup and launch in 2019.
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