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.
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.