Galloire becomes the first major art gallery in the Middle East to …

(MENAFN-EIN Presswire)

Galloire Art Gallery, Dubai

Edward Gallagher, CEO, Galloire

MidChains co-founders: Basil Al Askari and Mohamed Al Hashemi

Cutting-edge cryptocurrency innovator partners with Galloire, enabling the sale of physical artwork in exchange for a range of digital assets

Why should we force a crypto-native person to pay in traditional currency (fiat) to acquire a beautiful painting? » — Edward GallagherDUBAI, UNITED ARAB EMIRATES, June 9, 2022 / — Galloire, the innovative contemporary art gallery continues to advance the use of technology to allow collectors to connect with its artists and their work . Joining a list of major international galleries such as Pace, Lehmann Maupin and recently Gagosian, Galloire will now accept Bitcoin, Ethereum and USDC for art sales worldwide.

Speaking about the gallery and the principles behind the move, founder Edward Gallagher said;

“We have an absolute belief in using technology to bring art to as wide an audience as possible, so using photorealistic virtual reality and augmented reality, you’ve seen us present exhibitions of artists from world fame to tens of thousands more people than we could ever see in the gallery.

We want more people to connect with contemporary art and also believe in an egalitarian approach to how people want to pay for this art: why should we force a crypto-native person to pay in traditional currency (fiat) to acquire a beautiful painting, and vice versa, why should a traditional collector looking to venture into NFT pay in cryptocurrency just to access digital art they fall in love with? »

Over the past few years, the UAE has become a top hotbed for blockchain and cryptocurrency entrepreneurs and investors, with new legislation making it easier for large companies to set up shop in the country. The country is also no stranger to major art acquisitions for crypto-wealth as last year Sacha Jafri’s record work (the largest painting on canvas in history) sold for sixty -two million dollars to French crypto-businessman André Abdoune.

MidChains is one of the leading players in the cryptocurrency and broader virtual asset trading space that has flourished during this time. Led by CEO Basil Al Askari and co-founder Mohamed Al Hashemi, the company has received confident support from global (eg MIAX) and regional (eg Mubadala and ADQ) heavyweights. Known for its transparency, regulatory compliance and security, MidChains CEO Basil Al Askari said;

“We are a company that prides itself on innovation and being able to provide safe and regulated ways to transact and invest with cryptocurrency, so working with Galloire to enable collectors to invest in art using their favorite cryptocurrency made perfect sense to us. Allowing people to securely pay for a physical asset with a digital asset, especially something as impactful as art, is a huge step forward in the UAE and we were able to do that today, not in months or years.

Galloire founder Edward Gallagher said;

“We are extremely proud to work with MidChains to facilitate this next step in payment technology. Many companies in the UAE offer to help explore this area or facilitate cryptocurrency payments, but most are not properly authorized to do so. MidChains is fully licensed (ADGM) and regulated (FSRA) to deliver on their promise and we are delighted to have them as a partner.

MidChains and Galloire have confirmed that the systems will be operational to accept cryptocurrency payments from this week, in time for the ongoing exhibition by rising Hong Kong art star Carla Chan.

About mid-chains:

By changing the way people trade, MidChains seeks to democratize new ways to acquire and hold wealth, with transparency and regulation that makes it safe for everyone.

MidChains is a fully licensed multilateral virtual asset trading system and custodian based in the United Arab Emirates and regulated by the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM), built and operated by a new generation of experienced financial services professionals.

It is backed by reputable regional and international investors, including Mubadala Investment Company (Mubadala), MIAX Exchange Group and DisruptAD, ADQ’s venture capital platform. We act as a key access point for virtual/crypto assets, enabling retail investors and connecting global institutions to the region.

About Galloire:

Galloire is a leading contemporary gallery that works with established and emerging artists from around the world who, whatever their medium, push the boundaries of culture, think and explore our digitally dominated society.

With an eclectic range, the gallery exhibits artists whose roots come from urban art to classically trained painting, from the world seen through the lens to the data that surrounds us. The gallery is also characterized by a strong interest in how the visual arts work in conjunction with other forms such as poetry, philosophy and science.

The gallery is based in London Street, City Walk, Dubai, United Arab Emirates.

contemporary art gallery
+971 58 575 9444

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