MidChains

MidChains is a virtual asset trading and custody platform positioned as a regulated gateway to the digital asset market for institutional and retail clients in the Middle East and North Africa (MENA) region.

Conceptualized in 2017 and established in 2018 by co-founders Basil Al Askari, Mohamed Al Hashemi, and Chris Ryan, the company was born from the observation of a gap in the market for institution-grade, compliant cryptocurrency service providers. Basil Al Askari, the CEO, previously worked in private equity at Mubadala Capital and in commercial finance at GE Capital, experiences that highlighted the need for crypto players who could meet the stringent counterparty risk and compliance demands of large financial entities. The firm is headquartered in Abu Dhabi and is notably the only Emirati-founded virtual asset exchange in the capital.

MidChains operates as a multilateral trading facility (MTF) and custodian, emphasizing a business model that directly matches buyers and sellers rather than acting as a principal in trades. The company has secured significant backing from prominent investors, including Mubadala Investment Company, ADQ, Miami International Holdings (MIAX), and Lunate. A key milestone was achieved in May 2019 when it received in-principle approval from the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM). It now holds licenses from both the ADGM's FSRA and Dubai's Virtual Assets Regulatory Authority (VARA), underscoring its commitment to regulatory compliance.

The platform serves a diverse clientele, from high-frequency traders, hedge funds, and asset managers to private clients and retail investors. For its institutional segment, MidChains provides institutional-grade liquidity, API integrations (including FIX and WebSocket), and over-the-counter (OTC) block trading services. For retail users, it offers a secure platform to buy, sell, and store digital assets, with a focus on transparency and competitive pricing without hidden fees. Strategic partnerships have been a core part of its growth, including a collaboration with Visa to launch a payment card allowing users to spend virtual assets at millions of merchants worldwide and a partnership with Al Maryah Community Bank to offer crypto trading to the bank's customers.

Keywords: virtual asset trading, cryptocurrency exchange, digital asset custody, MENA crypto market, Abu Dhabi Global Market (ADGM), VARA regulated, institutional crypto services, OTC crypto trading, Basil Al Askari, Mubadala-backed, ADQ, digital securities, blockchain finance, crypto compliance, retail crypto investing, high-frequency trading crypto, FinTech Abu Dhabi, digital asset platform, secure crypto storage, crypto partnership