UAE National Wealth Fund invests in MidChains cryptocurrency exchange

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 international financial center and the free zone of Abu Dhabi Global Market (ADGM). MidChains co-founder Basil Al Askari said:

“We are a stock 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 customers have already expressed interest in using the MidChains trading platform. Al Askari also said that he sees BTC as a new investment class, and not a replacement for existing fiat currencies.

Earlier this year, ADGM’s financial services regulatory authority authorized MidChains to manage a cryptocurrency exchange. This means that after launch, the platform will be fully regulated by the authorities.

Trade in digital currencies is actively developing in the UAE. This is facilitated by the fact that the country’s government does not prohibit the work of industry, but seeks to regulate it in accordance with the laws. Recently it became known 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 was the leader in raising funds through ICOs.