MidChains closes new funding round

MidChains closes new funding round

Source: The National

MidChains, an upcoming Abu Dhabi-based virtual asset trading exchange, said it closed its latest funding round with backing from investors including Mubadala Investment Company's asset management arm as it plans to start operations in 2020.

Mubadala Capital, Miami International Holdings (MIH), the Abu Dhabi Investment Office (Adio) and other regional backers were among the investors in the fund-raising deal, MidChains said in a statement on Monday. The sum invested was not disclosed.

"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... in regards to the development of financial markets," Basil Al Askari, co-founder and chief executive of MidChains, said. "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.“

The company is the only Emirati founded virtual asset exchange in the UAE capital. Last year, MidChains gained approval from Abu Dhabi Global Markets (ADGM) regulators to operate a crypto asset exchange in Abu Dhabi. The venture capital arm of Mubadala Investment Company took a stake in MidChains in 2019.

"There has been significant interest in MidChains