UAE - Mubasher: MidChains, the Abu Dhabi-based virtual asset trading platform and part of Hub71’s cohort, has completed its first trades across all listed assets as a fully regulated trading platform acting under the Financial Services Regulatory Authority’s (FSRA) regulatory framework of Abu Dhabi Global Market (ADGM).
MidChains is the UAE's first regulated platform to carry out trades across Bitcoin, Ethereum, Litecoin, and Bitcoin Cash, with its current crypto assets accounting for 65% of the global market cap of the cryptocurrency market, according to a press release on Monday.
The virtual asset trading platform is supported by regional and international investors, including Mubadala Investment Company (Mubadala), Miami International Holdings, and DisruptAD, ADQ’s venture platform.
The Co-founder and CEO of MidChains, Basil Al Askari, said: "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."
Meanwhile, the Head of Ventures & Growth at Mubadala, Ibrahim Ajami, commented: "Mubadala is committed to investing in homegrown entrepreneurs creating innovative new businesses, and 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."
