Abu Dhabi’s Mubadala invests in MidChains cryptocurrency exchange

Editorial & Review Staff

Editorial & Review Staff

Editorial & Review Staff articles have been checked and revised.

Share This Post

Share on facebook
Share on linkedin
Share on twitter
Share on email

Amid what it described as “challenging market conditions,” Abu Dhabi sovereign wealth fund Mubadala Investment Capital has just thrown its support behind an unlikely candidate: cryptocurrencies.

The company earlier this month announced it has invested through its ventures arm in MidChains, a crypto asset exchange that will launch operations in late 2019 in Abu Dhabi. The move comes as Mubadala boosts its investments into the technology sector where it sees strong opportunities.

The deal marks one of the first instances where Mubadala has invested directly into a digital asset company in the Middle East. It described the digital asset space as “one [to] watch,” saying that it believes MidChains has what it takes to succeed despite bumps in the road.

The founders of MidChains said they were in talks with Mubadala for about a year before they finalised the deal. While they did not disclose the value of the investment, they said it was a seven-figure number in US dollars.

“Mubadala has always been a pioneer in the technology space and wants to become a pioneer in investing in new technologies,” said Mohammad Al Hashemi, co-founder of MidChains.

If you enjoyed this article please share it for others to read

Leave a Reply

Your email address will not be published. Required fields are marked *

Recent Articles

Subscribe To Our Newsletter

Get updates and learn from the best

More To Explore

Do You Want To Boost Your Business?

Send us a Press Release or article about your business

Have a new token to present? Some interesting project that uses blockchain? Or maybe one idea you'd like to write about? Share it to the world here.