Interest in cryptocurrency is not slowing down and there is a lot more institutional investment in the sector than there was in its earlier days. Now, the thirteenth biggest sovereign wealth fund in the world – Mubadala Investment Capital – has made a significant play for the founding of a new cryptocurrency exchange called MidChains.
MidChains Crypto Exchange
Mubadala Investment Capital has thrown its weight behind and will be backing the MidChains platform which will be officially launched later this year in Abu Dhabi, where Mubadala is also based. Specifically, MidChains will be situated in the International Financial Centre and will be a part of the Abu Dhabi Global Market (ADGM).
Mubadala has previously shown considerable interest in the technology sector and with this move, its securing a place as a major stakeholder. According to co-founder of MidChains, Mohammad Al Hashemi,
“Mubadala has always been a pioneer in the technology space and wants to become a pioneer in investing in new technologies.”
Basil Askari, co-founder and CEO of MidChains has spoken on the investment, specifically highlighting MidChains interests and functions.
“We’re an exchange. You can think of it similar to a stock exchange, but where you’re trading equities, for us, it would be crypto. We also perform custody activities, which means we also can store, settle, and clear crypto transactions on behalf of our clients.”
The UAE and Crypto
Back in June, the Arabian Bourse – a crypto exchange based in the UAE – announced that it had received approval from the Financial Servies Regulatory Authority (FSRA) of the ADGM to launch its own crypto asset exchange and custodian platform.
A little while before that, the financial authorities gave another exchange, BitOasis, preliminary approval. BitOasis was founded in 2015 and purports to be the first multi-sig digital wallet provider in the entire Middle East.
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