Blockchain firm ArabianChain raises $817K in funding

ArabianChain, the first company in the region to develop a public and decentralized platform for smart contracts on blockchain, has raised funding of 3 million dirhams ($817,438) in the latest round. The investor is Ahmad Abdullah Bugshan, board member of the Arabian Bugshan Group and vice president of House of Invention Int’l (HOI), a prominent telecommunications firm in the region, serving various private and public sectors.
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.”
Mohammed Alsehli, founder and 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 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.”
Founded in the UAE and with operations in Saudi Arabia and Kuwait, ArabianChain is a leading Middle Eastern innovator in the blockchain sector, enabling governments, businesses and individuals to use its tools and languages and build their transactions and contracts on the ArabianChain platform, for various transactions.

Source: Arab News