Abu Dhabi-based sovereign wealth fund Mubadala Investments has reportedly invested more than $1 million in a cryptocurrency exchange.
The crypto company, MidChains, is based in the Abu Dhabi General Market and is set to launch in late 2019.
Its digital currency trading platform is targetting an institutional audience after gaining its operating licence from the ADGM’s Financial Services Regulatory Authority.
Although the UAE does not directly regulate crypto trading, the ADGM did launch a Crypto Asset Regulatory Framework in 2018 to help govern the spot trading of crypto assets.
The ADGM has also granted approval to a number of crypto trading ventures, including ArabianBourse, a joint venture between GMX Ventures and Arshad Khan, and Dubai-based BitOasis.
Mubadala, estimated to be the thirteenth biggest sovereign fund in the world by assets, has not disclosed the exact amount of its investment, but MidChains has stated that it is “a seven-figure” sum. “Mubadala has always been a pioneer in the technology space and wants to become a pioneer in investing in new technologies,” said MidChains co-founder Mohammad Al Hashemi.
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