MidChains, the upcoming virtual asset trading exchange based in capital city of Abu Dhabi, today announced that it has closed its latest funding round with investments from Mubadala Capital, the asset management arm of Mubadala Investment Company; Miami International Holdings; the Abu Dhabi Investment Office (ADIO) and other notable regional investors.
Operating within Abu Dhabi Global Market (ADGM), MidChains is seeking to provide one of the world’s
first fully regulated and supervised ecosystem infrastructures for virtual asset trading and investing under
the ADGM Financial Services Regulatory Authority’s (FSRA) regulatory framework. MidChains is expected
to launch trading operations in 2020, subject to FSRA approval.
“We are thrilled to strengthen our partnership with Mubadala Capital’s ventures arm and welcome Miami
International Holdings and Abu Dhabi Investment Office as new investors and trusted partners,” said Basil
Al Askari, co-founder and CEO of MidChains. “As we aim to launch the MidChains platform later this year,
the backing of established institutions will enable us take the next steps in our development while supporting our long-term growth strategy, which is aligned with Abu Dhabi 2030 Economic Vision
objectives, in regards to the development of financial markets. We are proud to be the only Emirati
founded virtual asset exchange in the capital and our group of world class shareholders bring a wealth of
international experience that will allow us to build a global business out of Abu Dhabi.”
“There has been significant interest in MidChains since we made our initial investment in 2019,” said
Ibrahim Ajami, Head of Ventures at Mubadala. “We are therefore pleased to increase our commitment
ahead of the launch of MidChains’ virtual asset trading platform, which is expected later this year. 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.”
“We are excited by the prospect of MidChains becoming one of the first regulated exchanges for virtual
asset trading and investing, as it aligns with our ambitions to scale our business globally in areas including
digital assets,” said Thomas P. Gallagher, Chairman and CEO of MIH. “We look forward to being long-term,
value-added partners and together pursuing technology licensing and product listing opportunities
throughout the world.”
ADIO has invested through its Ventures Fund, an initiative of the Ghadan 21 accelerator programme
created to support innovation-focused startups in Abu Dhabi. H.E. Dr. Tariq Bin Hendi, Director-General
of ADIO, said: “Abu Dhabi continues to grow as a FinTech hub, laying the foundation for exciting
technology developments in the emirate and across the region. MidChains’ mission of becoming one of
the first fully regulated trading venues in its field is aligned with ADIO’s belief in supporting companies
with innovation at their core. We have invested in MidChains as part of our commitment to ensure that
promising startups are given the help they need to take off and grow in Abu Dhabi, providing them with
capital and support to develop cutting-edge solutions of global and regional significance.”
MidChains is an upcoming digital asset multilateral trading facility (MTF) and custodian based in Abu Dhabi
Global Market (ADGM) seeking to operate under the Financial Services Regulatory Authority (FSRA)
regulatory framework. MidChains’ vision is to become a multi asset class (virtual assets, digital securities,
stable coins, derivatives, etc.), blockchain enabled, investment exchange and custodian.
About Mubadala Investment Company
Mubadala Investment Company is a sovereign investor managing a global portfolio, aimed at generating
sustainable financial returns for its shareholder, the Government of Abu Dhabi.
Mubadala’s US $229 billion portfolio spans five continents with interests in multiple sectors including
aerospace, ICT, semiconductors, metals and mining, renewable energy, oil and gas, petrochemicals,
utilities, healthcare, real estate, pharmaceuticals and medical technology, agribusiness and a global
portfolio of financial holdings across all asset classes.
Mubadala Capital was established in 2011 as the asset management arm of Mubadala, operating six
integrated businesses focused on various asset classes and geographies that include private equity,
public equities, credit, ventures, sovereign investment partnerships and Brazil. The unit invests globally
across the capital structure in both public and private securities.
In addition to managing its own balance sheet investments, Mubadala Capital manages third party
capital on behalf of institutional investors in four of its businesses, including through three private
equity funds, two early stage venture funds and the Brazil special opportunities fund.
In 2017, Mubadala Capital launched a $400mn US-focused venture fund out of San Francisco. In 2019, it
launched a €400mn European-focused venture fund based out of London and a $100m MENA-based
fund based out of Hub71 in Abu Dhabi. In addition to the direct investment funds, the ventures platform
also manages a global fund of funds programs focused in US, Europe and MENA.
For more information, please visit: www.mubadala.com
About the Abu Dhabi Investment Office
The Abu Dhabi Investment Office (ADIO) is the central government hub supporting private sector
investment in the Emirate of Abu Dhabi. ADIO enables opportunities for domestic and foreign investors
aligned with Abu Dhabi’s economic priorities. ADIO provides Investor Care services to help the
establishment and ongoing growth of businesses in Abu Dhabi and offers a range of targeted
programmes, including competitive cash and non-cash incentives and public-private partnerships.
To learn more about ADIO visit www.investinabudhabi.ae.