Abu Dhabi (WAM)
MedChains, the Abu Dhabi-based digital asset trading platform, and one of Hub71’s companies, has completed the first trades in all of its listed assets, as a trading platform operating under the regulatory framework of the Financial Services Regulatory Authority of the Abu Dhabi Global Market. As one of the first fully regulated digital asset trading platforms in Abu Dhabi, MedChains builds on a base of prominent regional and international investors, including Mubadala Investment Company, Miami International Holdings, and Disrupt ID, a startup platform of Dubai-based startups. Holding. MedChains is also the first fully regulated digital trading platform backed by sovereign wealth funds in the region.
His Excellency Mohammed Ali Al Shurafa, Chairman of the Department of Economic Development in Abu Dhabi, said: “The digital technology sector in Abu Dhabi continues to advance at a steady pace while keeping pace with new revolutionary technological solutions and innovations that help improve packages of offers throughout the financial technology work system. By making innovation a top priority, Medchains is changing the way trading inside and outside the UAE. We congratulate MedChains for completing its first trading operations, while we look forward to celebrating the future successes of this innovative Emirati platform.” For his part, Basel Al Askari, Co-Founder and CEO of MedChains, said: “We are very pleased with the completion of the first trades on MedChains,” noting that ADGM has succeeded in establishing a strong regulatory framework for trading digital assets.
Ibrahim Ajami, Head of Startups Unit at Mubadala, said: “The completion of the first trading operations is a significant achievement for the MedChains platform. We at Mubadala are committed to investing with local entrepreneurs and supporting their new innovative ventures, and our company has invested in MedChains since its inception out of our belief in its ability to provide safe and regulated trading of digital assets in the region. Today, we are pleased to see the platform operating at its maximum operational capacity, and we look forward to continuing this cooperation.”