Top-13 sovereign wealth fund supports Emirati crypto platform

Posted 12 August, 2019

The top-13 major sovereign wealth fund in the world – Mubadala Investment Capital – reportedly made a huge investment worth billions in upcoming UAE-based cryptocurrency exchange MidChains.

According to the local media, the parties have been discussing cooperation and financing for almost a year.

However, the company refused to comment on the exact sum of the investment.

The new trading platform is likely to launch operations in the UAE free economic zone by the end of the year.

It was also mentioned that the exchange passed the certification and received regulatory approval from the local Financial Service Commission this May.

For reference, the country is yet to launch a legal framework for the cryptocurrency sector. At the same time, the Abu Dhabi Global Market reportedly developed its own rules for this segment.
 
Despite this backing, MidChains keeps attracting other investors. The company is in talks with traditional financial institutions.
 
Notably, this contract is said to be one of the first of this kind on the Middle East.

As Mubadala commented, the cryptocurrency sector is worth looking at. They believe the exchange MidChains will show good performance and potential despite challenges.

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