MidChains

What MidChains does

MidChains is a VARA-regulated digital asset OTC trading platform and broker-dealer headquartered in Dubai, United Arab Emirates, with its parent holding company MEEG Holdings Limited registered in Abu Dhabi Global Market. Founded in 2019 and operating with 11–50 employees, the firm provides compliant trading, custody, and settlement infrastructure for institutional clients, qualified private investors, family offices, and corporates. The platform supports spot OTC trading of 16 major cryptocurrencies — including BTC, ETH, SOL, XRP, USDT, USDC, DOGE, ADA, AVAX, LINK, and others — with a minimum trade size of USD 100,000 per ticket. MidChains is led by CEO and Founder Basil Al Askari, and the company was previously described in some sources as operating since 2017 with the firmographic record listing 2017 as the year founded, while operational regulatory history begins in 2019.

The platform's core technology centers on an OTC desk backed by voice-broking relationships with liquidity providers and an internal Smart Order Router that considers price, execution cost, available balance, and likelihood of execution to split orders across venues for best execution. Institutional KYC/KYB onboarding is purpose-built for corporates, funds, and professional investors, with segregated client asset custody, cold storage for significant virtual asset balances, daily reconciliation, AML/CFT controls, and insurance coverage subject to policy terms. The platform is ISO/IEC 27001 certified and operates under VARA Broker-Dealer license VL/25/04/008 as a licensed Virtual Asset Service Provider. Service modules include OTC Services (bespoke large-ticket execution), Institutional (API-integrated high-volume trading), Private Clients (qualified investor onboarding under VARA Market Conduct Rulebook Part IV.A, requiring AED 3.5M net assets or AED 700K income), and Partnerships (tokenization and digital asset distribution programs).

MidChains generates revenue primarily through transaction-based fees embedded in OTC trade spreads, with no publicly disclosed pricing schedule and fees varying by asset and volume. All services are delivered directly to clients through an OTC desk and self-service portal (cp.midchains.com), with no resellers or distributors in the channel mix. The company is privately held and backed by Abu Dhabi sovereign capital — including Mubadala and Dhabi Holdings PJSC — alongside global investors Brevan Howard, Lunate, GSR, Emurgo, Lukka, MIAX, Ava Labs, and Trajectory Ventures/Blizzard Fund. Geographic reach is anchored in the Middle East (UAE) under VARA oversight, with selective global institutional onboarding subject to sanctions and FATF high-risk jurisdiction restrictions.

Name

MidChains

Legal name

MidChains FZE

Website

https://midchains.com

Company type

Private

Founded year

2019

Operating status

Operating

Headcount range

11–50 employees

Short description

MidChains is a VARA-regulated Dubai-based digital asset OTC trading platform offering institutional clients, family offices, qualified private investors, and corporates compliant execution, deep liquidity, and custody for 16 major cryptocurrencies, with a USD 100,000 minimum trade size.

Ownership category

akta.pro rank

Product category

Digital Asset Brokerage

NAICS

Securities and Commodity Exchanges (523210), Securities and Commodity Exchanges (52321), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

OTC Spot Trading & Block Execution (FSADAJAB)

akta.pro secondary industries

OTC Desks & Block Trading Networks (FSAPADAH), Digital Asset/Crypto Trade Execution Platforms (FSAFANAO)

Keywords

• Institutional OTC trading
• Digital asset brokerage
• Virtual asset trading
• Crypto broker-dealer services
• Regulated crypto exchange

Headquarters

HQ city

Abu Dhabi

HQ country

United Arab Emirates

HQ region

Middle East

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure, Supply Chain, Others

Revenue model

1. OTC Trading Spread: Fees are quote-based and included in the trade spread. No hidden charges. Specific fees may vary by asset and volume. This represents the primary revenue stream from facilitating OTC digital asset trades between institutional clients.
2. Broker-Dealer Services: MidChains operates as a broker-dealer providing services including arranging orders, soliciting/accepting orders, facilitating matching, entering transactions as dealer on own account, and making markets using client assets. Revenue derives from spreads and margins on these transactions.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels7 records

Core offering

MidChains operates a VARA-regulated OTC digital asset broker-dealer platform that arranges, solicits, matches, and market-makes spot transactions in 16 major cryptocurrencies for institutional clients, family offices, corporates, and qualified investors. The service is delivered through a direct OTC desk, an online trading portal, and API integrations, with a Smart Order Router routing orders across multiple venues for best execution and a minimum trade size of USD 100,000.

Product overview

MidChains is a regulated digital asset platform offering OTC trading and execution solutions for institutional clients, qualified investors, family offices, and private clients. The platform operates as a unified service combining an OTC desk, institutional API-accessible trading, private client onboarding, and a partnerships program. Core products include the OTC Services module (bespoke, large-size trading with institutional liquidity), the Institutional module (API-integrated, high-volume execution), Private Clients (compliant KYC/KYB onboarding), and Partnerships (tokenization and digital asset rewards). All products are delivered under VARA regulation with shared compliance, custody, and settlement infrastructure.

Differentiator

Problem solved

Functional benefit

Products and services

• OTC Services Over-the-counter trading service providing enhanced liquidity, bespoke private execution, and tailored settlement workflows for institutions and high net-worth clients, with a minimum trade size of USD 100,000.
• Institutional Platform Institutional-grade digital asset platform offering advanced API integrations, secure OTC services, deep liquidity, and regulated infrastructure tailored for high-volume traders, family offices, and corporate clients.
• Private Clients Digital asset trading and investment services for qualified private clients, offering compliant onboarding (KYC/KYB), secure settlement, and access to major virtual assets under VARA qualification criteria.
• Partnerships Partner-focused offering enabling clients to earn digital asset rewards, gain access to tokenized real estate portfolios, and participate in tokenization initiatives.

Quantifiable outcome

• Most OTC trades settle on the same day if both sides are funded
• +1 more outcomes

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Scale indicators4 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• FalconX: Institutional digital asset prime brokerage offering OTC trading, credit, and custody for hedge funds, asset managers, and corporates; directly comparable to MidChains in targeting large institutional tickets with regulated execution.
• OSL: Asia-headquartered regulated digital asset platform providing brokerage, custody, and OTC services under multiple licenses; most directly comparable to MidChains as a regulated institutional OTC and broker-dealer outside the US/EU.
• Circle Trade: OTC trading desk of Circle (USDC issuer), providing institutional liquidity across major digital assets including stablecoins; comparable institutional OTC competitor with strong USDC settlement focus.
• B2C2: Institutional liquidity provider in digital assets offering OTC and electronic pricing to professional investors; competes with MidChains for the same large-block, OTC-driven institutional flow.
• Wintermute: Leading crypto-native market maker and OTC liquidity provider serving institutions and counterparties across spot and derivatives; competes directly with MidChains for OTC flow and institutional liquidity provision.
• Galaxy Digital: Public, full-service institutional digital asset firm operating trading, lending, and asset management with deep OTC liquidity for institutions and family offices — the closest US-listed analogue to MidChains' institutional OTC and broker-dealer model.
• Cumberland (DRW): Global institutional crypto trading arm of DRW, providing OTC liquidity and block trading to institutional counterparties; comparable in scale and institutional orientation to MidChains' broker-dealer desk.

Broad incumbents

• Kraken OTC: OTC desk of Kraken, a large global crypto exchange, offering institutional OTC trading and settlement; competes with MidChains for institutional OTC flow as part of a broader exchange platform.
• Coinbase Prime: Institutional prime brokerage arm of Coinbase offering OTC trading, custody, and financing to institutions; a much larger incumbent competing for the same institutional OTC and custody wallet MidChains targets.

Regional players

• HashKey: Hong Kong-regulated digital asset exchange and broker-dealer serving institutional and professional clients; analogous in being an Asia/MENA-adjacent regulated OTC venue competing for institutional flow outside the US.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/MidChains_
• LinkedInlinkedin.com/company/midchains
• Instagraminstagram.com/midchains

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds2 records

Investors3 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about MidChains