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Abu Dhabi Sovereign Wealth Fund Invests in Crypto Exchange

Abu Dhabi Sovereign Wealth Fund Invests in Crypto Exchange

Abu Dhabi based Mubadala investment Capital has made an investment in cryptocurrency exchange MidChains. The world’s thirteenth largest sovereign wealth fund, the firm invested in MidChains, a digital currency trading platform that is set to launch in late 2019 in Abu Dhabi itself.

According to reports of Gulf News, the location of this exchange will be in the international financial center and free zone Abu Dhabi Global Market (ADGM). The co-founder of MidChains, Basil Al-Askari issued a statement after the investment being made. The foreign stakeholders have expressed interest in using MidChain’s trading platform. Al-Askari added that he sees Bitcoin (BTC) as a new investment class rather than a replacement for existing fiat currencies.

ADGM’s Financial Services Regulatory Authority granted permission to operate a cryptocurrency exchange. The authorization came earlier this year, which purportedly means that once the operation is launched; the authority will regulate the platform.

Another UAE-based crypto exchange named “BitOasis” secured an approval with the financial regulations in April. We would like to tell you in order to get a license, and the exchange has to meet specific technical and operational requirements, which it expects to do in the second half of the year.