Blockchain firm ArabianChain gets AED 3 million cash injection
Latest funding from Saudi investor positions start-up for continued growth
ArabianChain, a Dubai-based company that has developed a public and decentralised platform for Smart Contracts on Blockchain, has raised funding of AED 3 million in the latest round.
The investor is Eng. Ahmad Abdullah Bugshan, board member at the Arabian Bugshan Group and vice president at House of Invention Intl., a prominent firm in the field of telecommunications in the region.
Eng. Ahmad Abdullah Bugshan said: “The region, particularly the Gulf, is moving strategically towards technology-enabled economies and this is impacting business and transactions across the Government and private sector. 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. I am proud to be associated with the team at ArabianChain, and to help direct the business to be in line with the strategic and transformational visions of the GCC Governments and leadership.”
Mohammed Alsehli, founder-CEO, ArabianChain, said: “Our vision regarding the potential of Blockchain technology in the Middle East has been validated by this round of funding, and we are very pleased that Eng. Bugshan has decided to play a pivotal role with us on the future of Smart Contracts and Transactions in the region. With the opportunities that this now provides us, we are confident of making further inroads into the Government and Private sector across the region, and helping them transform the way they transact.”
Founded in UAE and with operations in Saudi Arabia and Kuwait, ArabianChain Blockchain technology enables Governments, businesses and individuals to use the ArabianChain tools and languages and build their transactions and contracts on the ArabianChain platform, for whatever transaction they may be recording.
Blockchain adoption is booming in the region. Earlier this year, the Smart Dubai Office (SDO) has announced the launch of a city-wide initiative to develop blockchain services for Dubai. The initiative aims to explore the potential for blockchain in public and private sector organisations and services, and develop pilot projects using the technology.