MidChains Virtual Trading Platform Completes Inaugural Trades Of Its Assets
Fahad Shabbir (@FahadShabbir) Published September 27, 2021 | 06:45 PM
ABU DHABI, (UrduPoint / Pakistan Point News / WAM - 27th Sep, 2021) 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 acting 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."
Related Topics
Recent Stories
PTI to stage nationwide protests against alleged electoral frauds
Senate continues discussion on Presidential address to Joint Sitting of Parliame ..
Masood Khan calls for Pak-US cooperation for regional peace
Interior Minister starts Margalla Trail Patrol for security
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 26 April 2024
Today Gold Rate in Pakistan 26 April 2024
ICC Womens T20 World Cup Qualifier, Match 2: Ireland Women open with Comfortable ..
Robinson, bowlers help New Zealand go 2-1 up against Pakistan
Shahzeb Chachar to hold khuli kachehri on April 26
Heatwave amid Israel's aggression in Gaza brings new misery, disease risk
Tourism must change, mayor says as Venice launches entry fee
Court adjourns Judicial Complex attack case till May 17
More Stories From Middle East
-
UAE announces ‘Zero Bureaucracy Program’ to reduce bureaucracy
3 months ago -
COP28 President-Designate welcomes Transitional Committee agreement to operationalise Loss and Damag ..
6 months ago -
Global Media Congress 2023 to feature Co-Production Majlis as a new networking platform
6 months ago -
Young female athletes shine at Abu Dhabi World Youth Jiu-Jitsu Championship
6 months ago -
King of Jordan receives Abdullah bin Zayed and ministers participating in Arab coordination meeting
6 months ago -
Abdullah bin Zayed participates in coordination meeting of Arab foreign ministers, joint meeting wit ..
6 months ago
-
3rd annual conference of Emirates Society of Clinical Microbiology kicks off in Dubai
6 months ago -
SIBF 2023 hosts Nobel laureate to discuss emergence of ‘Afrofuturism’ in global discourse
6 months ago -
ALC announces winners of Kanz Al Jeel Award 2023
6 months ago -
SIBF turns spotlight on remarkable contributions of women
6 months ago -
Global assets in spot bitcoin ETFs hit $4.16 billion
6 months ago -
Rescuers struggle to find Nepal quake survivors as deaths reach 157
6 months ago