Financial investment exchange says platform will be focused on the institutional market and professional investors
MidChains, an Abu Dhabi-based blockchain enabled financial investment exchange, is set to open a crypto exchange business under the new Abu Dhabi Global Market (ADGM) Crypto Asset regulatory framework.
MidChains said the platform will be focused on the institutional market and professional investors.
The company said it has submitted an application with the Financial Services Regulatory Authority (FSRA) of ADGM. Pending regulatory approvals, MidChains plans to launch a fully regulated platform with a suite of institutional services, to enable the ecosystem to grow both regionally and globally.
The platform will also offer custodial services in addition to large pools of liquidity, including material orders via an Over the Counter desk.
Basil Al Askari, co-founder and CEO of MidChains, who was previously part of Mubadala Investment Company’s Private Equity Fund, said the firm’s near-term goal is to launch a robust and professional exchange for digital assets.
He added: “We see two key gaps to fill in the digital asset market and in the evolution of electronic investment trading. The first is providing a sophisticated crypto capital market for professional investors to transact with their preferred strategies. The second is in building a futureproof financial infrastructure to incentivize both new and existing investment services firms to conduct business in ADGM.
"We are encouraged to see ADGM pioneering this space and acting as a fintech hub for Emirati startups, enabling us to compete on a global scale.”
The platform can be used with Bitcoin, Ethereum, Stellar, Ripple, and others, including capabilities to list securities, commodities, and facilitation of forex transactions, subject to regulatory approvals.