Middle-Eastern Sovereign Wealth Fund Invests Big in Crypto Exchange Called ‘MidChains’
- One of the world’s largest sovereign wealth funds — Mubadala Capital — has just invested in a UAE-based digital asset trading platform called MidChains (which recently received a nod of approval from local regulatory authorities).
- Additionally, a couple of months back, UAE-based crypto asset exchange ABX received the regulatory green light from the ADGM to commence its operations.
As per an all-new report released by a UAE media outlet late yesterday afternoon, Mubadala Investment Capital — the world’s thirteenth largest sovereign wealth fund — has just made a huge investment in MidChains (a crypto trading platform that is all set to go live in Abu Dhabi by the end of this year).
According to some of the info available online, MidChains will operate out of the international financial center and free zone ‘Abu Dhabi Global Market’ (ADGM).
As things stand, a number of foreign stakeholders have allegedly shown their interest in making use of MidChains.
In a recent interview with Basil Askari — the co-founder of MidChains — more and more people across the middle east are currently looking to find new/novel investment avenues related to crypto and blockchain tech.
A few months ago, ADGM’s Financial Services Regulatory Authority gave its seal of approval to MidChain – thereby allowing it to operate as a fully regulated crypto exchange service. In regards to this entire development, Askari was quoted as saying:
“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.”