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One of United Arab Emirates’ largest sovereign wealth funds, Mubadala Investment Company is considering investing in the ‘crypto ecosystem’. Speaking with CNBC Middle East, CEO and Managing Director of the asset manager, Khaldoon Al Mubarak, said crypto’s potential is huge. Al Mubarak said:
“I think it’s (crypto) is real, this is a business that had $200 billion worth of value two years ago, and is $2.5 trillion value today and growing. So while many people are skeptics, I do not fall in that category.”
Without giving much details, the CEO said that his Abu Dhabi-headquartered fund is investing in the crypto ecosystem, be it blockchain or energy usage.
Mubadala is no stranger to investing in crypto. Two years ago it invested in MidChains, a digital currency trading platform. UAE’s evolving regulatory environment will be an important factor aiding the crypto transition, Al Mubarak said. His firm is one of the largest wealth funds in the world managing around AED 894 billion ($243 billion) in assets.