Jibrel Network, a protocol with built-in regulatory compliance allowing anyone to put traditional assets on the blockchain, has signed a Memorandum of Understanding (MoU) with Dubai-based blockchain startup ArabianChain.

Under this partnership, Jibrel will provide technical advisory services and support to ArabianChain. Jibrel said that its team, with over thirty years’ experience working in financial securities for leading management consultancies, is well positioned to support ArabianChain’s engagement in the financial services sector, including many of the region’s leading banks.

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. Last month, the startup raised $817,000 from Arabian Bugshan board member and House of Invention Intl vice president Ahmad Abdullah Bugshan, Gulf Business reported.

“The Middle East is transforming into an innovation-focused market, spearheading a pivotal change with its technology-first approach,” said ArabianChain founder and CEO Mohammed Alsehli. "We are extremely delighted to enter into this partnership with Jibrel Network to accelerate the adoption of our smart contract platform in the region. Blockchain has the potential to transform banking as we know it, and with Jibrel Network’s support we aim to help the region propel further in achieving its innovation agenda, especially in the banking and financial services sector. ”

Founded this year, the Jibrel Network allows anyone to digitize, list, trade, and sell traditional assets, such as currencies, bonds, and other instruments, on-chain. It is going to launch its token sale on September 25, 2017.

“Financial services in the MENA region have very specific compliance requirements that must be accommodated,” commented Yazan Barghuthi, Project Lead at Jibrel Network. “Development and deployment of blockchain technology that ensures on-chain compliance is a particular competency for our team, and one that we leveraged in the development of our own platform.”

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