Abu Dhabi: Al Maryah Community Bank, a leading digital bank in the United Arab Emirates, and “MidChains Limited”, a digital asset trading platform based in Abu Dhabi, signed an agreement aimed at providing a secure channel for investing and trading cryptocurrencies and digital assets through the bank’s offering of escrow accounts in UAE dirhams to protect investors’ funds on cryptocurrency trading platforms and boost their trust. This comes as a continuation of the bank’s success in supporting and enriching digital investment avenues.
In presence of Her Excellency Meera Sultan Al Suwaidi, member of the Board of Directors of Al Maryah Community Bank, the agreement was signed by Mohammed Wassim Khayatah, CEO of Al Maryah Community Bank, and Basil Al-Askari, CEO of MidChains Limited, during the Abu Dhabi Financial Week.
Within the framework of this cooperation, Al Maryah Community Bank seeks to support cryptocurrency trading platforms by using artificial intelligence technologies to automate between transfers of Escrow accounts and trading platforms according to the highest standards of safety, reliability, and transparency, and to accommodate the needs of investors and enhance the trust in the cryptocurrency market. This will be monitored by the Central Bank of the United Arab Emirates and will be facilitated according to its regulations and laws to protect investors and to ensure the protection of investors’ escrow accounts by separating them from the accounts of trading companies in order to avoid any potential risks.
This step contributes to achieving the strategy of the Al Maryah Community Bank to develop innovative and safe solutions for digital investment in line with the vision of the Abu Dhabi Global Market to strengthen the UAE's economy and Abu Dhabi's leading status as a global financial center, which was symbolized by the concept of the "Falcon Economy" that was announced during the activities of the "Abu Dhabi Financial Week".
On this occasion, CEO of Mbank, said: “As a community bank we seek to protect users of local trading platforms from any potential risks, in accordance with the regulations of the Central Bank of the United Arab Emirates. As part of such efforts, we are pleased to cooperate with “MidChains”, one of the first local trading platforms for cryptocurrencies and digital assets that is licensed by the Abu Dhabi Global Market. On this cooperation we provide safe Escrow accounts that protect investors’ funds and separate them from trading companies’ accounts, thus protecting transfers, transactions, and balances of funds in cryptocurrency trading.
In return, Basil Al-Askari said: “If cryptocurrency is to become mainstream, it is clear that mainstream players will need to be involved. Our partnership with Al Maryah Community bank comes in line with similar partnerships being forged across the virtual asset industry. Traditional institutions are working alongside exchanges to expand access to this exciting and innovative new asset class. As one of the only fully licensed exchanges in the world we can offer banks a trusted platform partner with regulatory oversight to provide a feasible way into the virtual asset space for their existing customers and also help the bank attract a whole new type of crypto savvy consumer.”
Al Maryah Community Bank, UAE’s first fully integrated Digital Bank offers an omnichannel experience to individual consumers and small businesses.
Al Maryah Community Bank is a specialized bank, focusing on growth and serving the UAE community; UAE Nationals, Residents, and Businesses (SMEs and Corporates), in line with the vision of the UAE leaders in supporting individuals and small businesses within the UAE economy and fostering a futuristic culture by employing forward-thinking concepts driven by innovation and technology.
