Blockchain start-up ArabianChain has announced raising AED3 million in funding, led by Saudi-based Ahmad Abdullah Bugshan. Bugshan is a board member of Arabian Bugshan Group as well as the Vice President at House of Invention International.
Bugshan said, “The region, particularly the Gulf, is moving strategically toward technology-enabled economies and this is impacting business and transactions across the government and private sectors. 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.”
About ArabianChain
ArabianChain is a startup that develops a decentralized, public platform for smart contracts on blockchain in the region. It enables businesses, government entities, and individuals the ability to use ArabianChain’s languages and tools to build contracts and transactions on the platform.
This is one of the first public and decentralized blockchain systems in the Middle East, which offers two unique features. The first is DBIX, which is a cryptocurrency option that provides a “secure, agile, and economical way” for users to transfer money and payments. The second is Thuraya, which is a soon to be released smart contracts programming language in Arabic.
ArabianChain launched in April of this year, and while it is in its pre-revenue phase, it is operational and has worked with many major firms including Dell-EMC, Ericsson, Microsoft, and Oracle. It also has thousands of traders using the platform and DBIX in areas including Kuwait, Saudi Arabia, and the UAE.
Alsehli also noted, “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 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 sectors across the region, and helping them transform the way they transact.”
Funding Usage
Alsehli has stated that the fundraising process brought much interest, with many offers to choose from. The company chose investors based on reach, network, influence, and similarity to the startup. The funds are going to be used for “team mobilization, development of solutions, operations, marketing, and research, to further drive and strengthen the reach of ArabianChain.” The company also plans to launch their digital asset trading platform, with a long-term goal of ensuring a more efficient process for government services and Islamic banking solutions to the blockchain.
ArabianChain teams signs MOU with Jibrel Network
ArabianChain, which offers a public and decentralised platform for Smart Contracts on Blockchain, has signed a Memorandum of Understanding (MoU) with Jibrel Network, the first protocol allowing traditional assets like currencies on the blockchain. This partnership will help government and bureaucratic processes adopt and leverage Arabian Chain’s blockchain technology, with support from Jibrel’s technical advisory services.
With its advances in regional blockchain technology and entrepreneurship, ArabianChain aims to transform the way governments, businesses and people respond to blockchain in the economy, e-services and digital transformation. Jibrel’s technical expertise will help ArabianChain consolidate the role such technology plays in both public and private enterprises. “We recognize the immense potential blockchain has when it comes to driving a technology-first approach and changing the region’s economy,” said ArabianChain founder and CEO Mohammed Alsehli.
“Having already built the infrastructure for the development of self-executing and globally accessible smart contracts and decentralized apps, we are delighted to enter this partnership with Jibrel and believe it will help the region further embrace blockchain for smart regulation and achieve its innovation agenda,” continued Alsehli.
Backed by its multinational, talented and experienced team, ArabianChain has grown exponentially since its inception in February 2017. It hopes to combine its expertise in banking, telecommunications and other vertical business domains, with Jibrel’s thirty-plus years of experience working in financial securities for leading management consultancies such as PWC and Deloitte. “Financial services in the MENA region have very specific compliance requirements that must be accommodated,”
commented Yazan Barghuthi, CEO at Jibrel Network. In addition to applying blockchain, ArabianChain is finalizing ‘Thuraya’,
the first smart contract programming language in Arabic. Thuraya will be unveiled in October.
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