The world’s thirteenth largest sovereign investment fund, located in Abu Dhabi, Mubadala Investment Capital has invested in the MidChains cryptocurrency exchange.
According to Gulf News, Mubadala Investment Capital has invested in the MidChains digital currency trading platform, which is scheduled to launch at the end of 2019. The exchange will be located in the Abu Dhabi Global Market (ADGM) International Financial Center and Free Zone. MidChains co-founder Basil Al Askari said:
“We are an exchange. You can think of our project as a traditional exchange, but where you trade stocks, we use cryptocurrencies. We also carry out depository operations, which means that we can store, regulate and clear cryptocurrency transactions on behalf of our clients.”
According to the company, foreign clients have already expressed interest in using the MidChains trading platform. Al Askari also stated that he considers BTC as a new investment class, and not a replacement for existing fiat currencies.
Earlier this year, the financial services regulatory authority ADGM authorized MidChains to operate a cryptocurrency exchange. This means that after the launch, the platform will be fully regulated by the authorities.
Digital currency trading is actively developing in the UAE. This is facilitated by the fact that the government of the country does not prohibit the work of the industry, but seeks to regulate it in accordance with the laws. It was recently announced that BitOasis will launch the first regulated cryptocurrency exchange in the UAE next year. In addition, in the spring it was reported that the UAE is leading in the field of raising funds through ICO.