Abu Dhabi’s MidChains raises funding from Mubadala and ADIO

SOURCE: Gulf News

The fintech company MidChains announced its latest funding round, with investments from Mubadala Capital, Abu Dhabi Investment Office (ADIO), Miami International Holdings, and others.

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Operating at Abu Dhabi Global Market (ADGM), MidChains aims to provide a fully regulated infrastructure for virtual asset trading and investing under ADGM's Financial Services Regulatory Authority framework. MidChains is expected to launch trading operations later this year, subject to FSRA approval.

“The backing of established institutions will enable us to take the next steps in our development while supporting our long-term growth strategy,” said Basil Al Askari, CEO of MidChains.

“We are proud to be the only Emirati-founded virtual asset exchange in the capital and our group of shareholders brings a wealth of international experience that will allow us to build a global business out of Abu Dhabi.”

Dr. Tariq Bin Hendi, director-general of ADIO, said the investment was in line with its support for "innovative" startups in Abu Dhabi as well as expand the emirate’s fintech scene.

“We invested in MidChains as part of our commitment to ensure promising startups are given the help they need to take off and grow in Abu Dhabi, providing them with capital and support.”

Mubadala, which also invested in MidChains last year, said it was keen to increase its commitment as the trading platform looks to launch later this year.

According to Ibrahim Ajami, head of Ventures at Mubadala, “A key tenet of our strategy is to establish strong, enduring partnerships and we look forward to supporting MidChains build global operations from its headquarters in Abu Dhabi.”

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Despite the current crisis, H1 2020 has seen $659M invested in MENA-based startups, which is already 95% of total funding full-year 2019. Discover more data, including country and industry trends by purchasing our H1 2020 MENA Venture Investment Report

Source: gulfnews-com.cdn.ampproject.org