Miami International Holdings, Inc. (MIH), the parent holding company of the MIAX Options®, MIAX PEARL™ and MIAX Emerald™ options exchanges (the MIAX Exchange Group™), and MidChains, an upcoming digital asset trading exchange based in Abu Dhabi Global Market (ADGM) seeking to operate under the Financial Services Regulatory Authority (FSRA) framework, today announced that MIH has agreed to purchase an equity stake in MEEG Holdings Limited, the parent holding company of MidChains. As part of the agreement, the parties will pursue joint technology licensing and product listing opportunities internationally, including in the Middle East and Bermuda, subject to regulatory approval.
“We are always looking for new opportunities to address emerging markets, especially in the digital asset sector, and we are confident that MidChains will establish itself as one of the world’s foremost digital asset trading exchanges,” said Thomas P. Gallagher, Chairman and CEO of MIH. “This strategic alignment will enable both MIH and MidChains the ability to provide digital asset products to customers on a global scale.”
MidChains is seeking to become one of the world’s first fully regulated exchanges for digital asset trading and investing with a membership and direct access public exchange. It expects to launch in the international financial center and free zone ADGM in mid-2020, subject to FSRA approval. Current investors in MidChains include Mubadala Investment Capital, one of the world’s leading sovereign wealth funds.
“We are thrilled to be partnering with such a well-recognized exchange operator as MIH,” said Basil Al Askari, co-founder and CEO of MidChains. “This is a tremendous opportunity for both parties, and we look forward to working with MIH and the MIAX Exchange Group on numerous technology and digital asset product collaborations following launch.”
Thomas P. Gallagher, CEO of MIH, and Basil Al Askari, co-founder and CEO of MidChains, are speakers at the prestigious SALT thought leadership conference in Abu Dhabi on December 11. “This is exactly the type of partnership opportunity we had in mind when planning SALT Abu Dhabi,” said Anthony Scaramucci, Founder and Managing Partner at SkyBridge Capital and host of SALT Abu Dhabi. “How appropriate to have both Tom and Basil speaking together on a panel concerning the disruption of traditional asset exchanges as their firms come together to do just that.”
For further information regarding MidChains, please visit www.midchains.com.