World’s 13th largest sovereign wealth fund Mubadala invests in crypto exchange

Investments • August 12, 2019, 8:45AM EDT
UPDATED: August 12, 2019, 9:40AM EDT
The Block

Mubadala Investment Capital, the world’s thirteenth largest sovereign wealth fund by total assets, has invested “a seven-figure” USD amount in Abu Dhabi-based upcoming cryptocurrency exchange MidChains.

THE SCOOP

Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro

By signing-up you agree to our Terms of Service and Privacy Policy
By signing-up you agree to our Terms of Service and Privacy Policy

Gulf News reported the news on Sunday, saying that the deal took about a year to get finalized. MidChains is expected to launch its platform later this year at Abu Dhabi Global Market (ADGM), the city's international financial free zone within the UAE.

The exchange reportedly received approval from ADGM’s Financial Services Regulatory Authority back in May. While the UAE does not regulate cryptocurrencies, ADGM launched a crypto asset regulatory framework last year to instill proper governance.

MidChains is looking to raise further capital later this year, and the exchange is already in talks with traditional financial institutions for the purpose, per the report.

About Author

Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.

More by Yogita Khatri