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)
#ADGM #FSRA #UAE
Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.
© ZAWYA 2020