ArabianChain, a UAE-based blockchain startup, has raised $817,000 from Arabian Bugshan board member and House of Invention Intl vice president Ahmad Abdullah Bugshan, Gulf Business reported.
Founded in February 2016, ArabianChain seeks to connect the Middle East to blockchain technology and digital currencies, including ArabianChain’s Dubai Coin, DBIX. Using blockchain technology, the startup has developed a public and decentralised platform for contracts.
“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,” Bugshan said.
Mohammed Alsehli, founder and CEO of ArabianChain, said the amount raised will enable it to sign on more government and private sector clients.
According to the official website, ArabianChain technology is an open source, community-based project aiming to build a decentralized, consensus-driven, peer to peer, open source, blockchain-based platform for distributed applications. It allows for self-executing, and globally accessible smart contracts and decentralized Apps to be developed, and for crypto currencies to be built, transacted, tracked and safeguarded over a network of thousands of connected yet distributed devices.
DBIX is the fuel of ArabianChain and the first cryptocurrency in the region.
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