MidChains, a virtual asset trading platform based in Abu Dhabi, has announced the successful closing of its latest funding round ahead of its launch.
No details were disclosed as to how much capital was raised but among the investors was Mubadala Capital, the asset management arm of the Abu Dhabi sovereign wealth fund, which added to its initial investment made in 2019.
Two other notable investors are Miami International Holdings, the parent company of US-based equity derivatives market MIAX Exchange Group, and the Abu Dhabi Investment Office via its Ventures Fund.
The platform is expected to launch later this year within the Abu Dhabi Global Market subject to regulatory approval.
Should the approval be granted, MidChains would be one of the few fully regulated digital exchanges to begin trading.
The latest funding round was welcomed by MidChains co-founder and CEO Basil Al Askari. “The backing of established institutions will enable us to take the next steps in our development while supporting our long-term growth strategy,” he said.
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