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
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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.

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Yogita Khatri profile picture Yogita Khatri

Yogita Khatri is a senior reporter at The Block and the author of The Funding newsletter. As our longest-serving editorial member, Yogita has been instrumental in breaking numerous stories, exclusives and scoops. With over 3,000 articles to her name, Yogita is The Block's most-published and most-read author of all time. Before joining The Block, Yogita wrote for CoinDesk and The Economic Times. You can reach her at [email protected] or follow her latest updates on X at @Yogita_Khatri5.

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