Institutional crypto exchange launches in Abu Dhabi

CryptocurrenciesMidChains, a blockchain-based financial exchange, is set to be the first crypto trading venue to open under the Abu Dhabi Global Market’s (ADGM’s) newly established crypto assets regulatory framework. UAE-based MidChains is targeting institutional and professional investors and, pending regulatory approval, plans to launch a platform containing institutional services including order management, execution via an over the counter desk, custody services and compliance features. “We see two key gaps to fill in the digital asset market and in the evolution of electronic investment trading,” said MidChains co-founder and chief executive Basil Al Askari. “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 incentivise 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 start-ups, enabling us to compete on a global scale.” The announcement of the MidChains platform follows the debut of the First Islamic Crypto Exchange which was announced in August 2018 and is set to launch in the UAE in August 2019. ©2019 funds global mena

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