Abu Dhabi-based MidChains, a virtual asset trading platform, has completed its inaugural trade.
The startup was part of the Hub71 fintech accelerator and became one of the first crypto trading platforms to be regulated by the Abu Dhabi Global Market’s Financial Services Regulatory Authority.
The maiden transaction confirmed trades across bitcoin, ethereum, litecoin and bitcoin cash, and according to MidChains, is the first time a regulated platform in the UAE has conducted trades across these virtual assets.
MidChains is backed by a number of high profile firms, including Abu Dhabi sovereign wealth fund Mubadala.
“[Mubadala] 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,” said Ibrahim Ajami, head of ventures and growth at Mubadala.
“We are pleased to see the company’s trading platform now fully operational, and we look forward to our continued collaboration,” he added.
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