Abu Dhabi’s Mubadala Endorses Cryptocurrencies Through a MidChains Investment |

The Abu Dhabi sovereign wealth fund Mubadala Investment Capital today endorsed cryptocurrencies amidst what it calls ‘challenging marketing conditions.’ According to an official statement earlier this month, the company confirmed that it has invested in a crypto-asset exchange via its ventures arm in MidChains. That exchange is scheduled to launch in late 2019 in Abu Dhabi.

The latest move comes as Mubadala enhances its investments into the technology sector where it has identified strong opportunities. That deal marks a major milestone for the company since it is the first instance where Mubadala has invested directly into a cryptocurrency company in the Middle East.

The company further describes the digital asset space as ‘one to watch’ believing that MidChains has the potential to succeed in spite of the many bumps along the road. MidChains’ founders acknowledged that they were in discussions with Mubadala for almost a year before that deal was finalized. Though they never disclosed the value of the investment, they stated that it was a seven-figure number in US dollars.

Mohammad Al Hashemi who is the co-founder of MidChains said:

“Mubadala has always been a pioneer in the technology space and wants to become a pioneer in investing in new technologies. They’ve been very close to us, they like the story, we’re from Abu Dhabi, it’s exciting to see something growing from Abu Dhabi on a global scale by local talent, and they’ve been quite supportive, to say the least.”

He added that Mubadala are firm supporters and he thinks that their new partnership will work successfully working as a team and as a company in the new crypto space. Al Hashemi together with Basil Al Askari co-founded MidChains. Askari now serves as the company’s CEO. Both of them are Emiratis who have a vast background in financial services.

Rules and Regulations

With the launch of their company imminent, they want to develop a crypto…

Source Link