MidChains has joined Visa’s Fintech Fast Track programme in a move poised to accelerate its integration with the payment services provider.
Based in Abu Dhabi Global Market (ADGM) and licensed by the Financial Services Regulatory Authority, the virtual asset trading platform’s enrolment on the programme is set to better its ability to leverage the reach, capabilities, and security of VisaNet, the company’s global payment network.
By joining Visa’s Fintech Fast Track programme, MidChains now has the ability to access Visa’s growing partner network as well as experts who can provide guidance in helping them get up and running in the most efficient way possible.
MidChains is using its position within the programme to prepare to launch a Visa payment credential connected to its platform. This integration will allow its users to convert and spend virtual assets such as cryptocurrency at one of Visa’s 80 million merchant partners worldwide.
With sovereign wealth fund backing in the Middle East and North Africa (MENA) region, MidChains offers various differing investing and trading tools and a client rebate programme, whilst its trading software and hardware are capable of executing trades at speed.
“Our Visa partnership…bridges the gap with traditional finance and allows us to bring crypto to a much larger network of consumers. Following best practices, consumer protection and regulatory compliance while driving innovation are core values and features we share with Visa,” said Basil Al Askari, MidChains co-founder and CEO.
“This partnership will help accelerate our growth and move forward in our goal to expand the use of crypto as an alternative asset to store value and grow wealth.”
Alex McCrea, VP, head of strategic partnerships and ventures for central and Eastern Europe, Middle East and Africa at Visa, added: “By joining Visa’s Fintech Fast Track programme, exciting crypto companies like MidChains gain unprecedented access to Visa experts, technology and resources.
“At Visa, we believe that crypto-linked card programmes will benefit those looking to make everyday purchases with crypto a reality. We look forward to working with MidChains to bridge their crypto platform to Visa’s network, enabling secure and seamless transactions conducted in real time across Visa’s global network of 80 million merchant locations.”