Al Maryah Community Bank partners with MidChains
By Leandra Monteiro
Al Maryah Community Bank, a digital bank in the United Arab Emirates signed an agreement with MidChains Limited, a digital asset trading platform based in Abu Dhabi.
The partnership is 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 in order to protect investors’ funds on cryptocurrency trading platforms.
Within the framework of this cooperation, Al Maryah Community Bank seeks to support cryptocurrency trading platforms by using artificial intelligence to automate transfers of Escrow accounts and trading platforms according to the highest standards of safety 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.
Mohammed Wassim Khayatah, CEO, Al Maryah Community Bank, 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.
Basil Al-Askari, CEO, MidChains Limited 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.
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