UAE MidChains gears up for the launch of its fully regulated crypto trading and custody platform

UAE Midchains will also provide trading of digital assets in the future

Abu Dhabi based MidChains  a retail and institutional cryptocurrency exchange and custodian based out of ADGM ( Abu Dhabi Global Market), seems to be gearing up for the launch of its regulated crypto exchange and custodial service provider.

MidChains had received investment from various institutions in the region, one of which is Mubadala Investment Company. MidChains confirmed in May of 2019 that it had received in principle approval from the Financial Services and Regulatory Authority (FSRA). In addition to Mubadala, MidChains received investment from MIH Miami International Holdings, the parent company of MIAX Exchange group. As part of the agreement, the parties would pursue a joint technology licensing and product listing opportunities internationally, including in the Middle East and Bermuda, subject to regulatory approval.

In 2020 Abu Dhabi Investment Office (ADIO) also invested in Midchains, as the company closed another round of investment. At the time ADIO  invested through its Ventures Fund, an initiative of the Ghadan 21 accelerator program created to support innovation-focused startups in Abu Dhabi. H.E. 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.”