ArabianChain Raises $817k USD in Funding

Announcements, Blockchain, FinTech, Investing, News, Regulation | July 19, 2017 By:

ArabianChain, developer of the Middle East’s first public blockchain, has raised AED 3 million ($817,000 USD) in its latest funding round. The funds came from Arabian Bugshan board member and House of Invention Intl vice president Ahmad Abdullah Bugshan.

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.

“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,” said Bugshan. “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 Gulf Cooperation Council (GCC) governments and leadership.”

ArabianChain CEO Mohammed Alsehli said the company’s vision regarding the potential of blockchain technology in the Middle East has been validated by this round of funding.

“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,” said Alsehli. “With the opportunities that this now provides us, we are confident of making further inroads into the government and private sector across the region, helping them transform the way they transact.”