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Blockchain
Startup ArabianChain Nets $817k from New Investor
- 18th July 2017
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by
Wolfie Zhao
ArabianChain,
a United Arab Emirates-based public blockchain startup,
has reportedly received AED3m ($817,000) from a private
investor to further its operations.
As
reported by Gulf Business, the notable investment
came from Ahmad Abdullah Bugshan, currently the vice
president of Saudi Arabian telecoms firm, House of
Invention International. Among other roles, the investor
is also a board member of Arabian Bugshan, the holding
company of a major conglomerate operating in the Middle
East and North Africa.
Bugshan
told the news source:
"I
believe that the region will lead the way when it
comes to blockchain, and ArabianChain is well-positioned
to drive innovation and adoption of this disruptive
technology."
Founded
in February 2016 by Mohammed Alsehli, ArabianChain
is developing a public blockchain platform to drive
applications focusing on Islamic banking and government
services – an effort linked to a broader Dubai
initiative to secure all government documents on a
blockchain by 2020.
Notably,
ArabianChain is one of few domestic startups to take
part in the planned overhaul. International firms
involved in the effort include ConsenSys and RSK Labs.
Disclosure:
CoinDesk is a subsidiary of Digital Currency Group,
which has an ownership stake in RSK Labs.
Dubai
image via Pete Rizzo for CoinDesk
(CoinDesk.com)
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