The exchange, MidChains, is expected to launch in late 2019 in the Abu Dhabi Global Market.
Mubadala Investment Company, a sovereign wealth fund based out of Abu Dhabi, has made a foray into cryptocurrency by investing in the forthcoming exchange MidChains, according to the UAE English newspaper Gulf News. The investment is reportedly worth seven figures.
Mubadala is the world’s 13th largest sovereign wealth fund by total assets. The investment in MidChains is one of its first for a cryptocurrency company based in the Middle East, per the report. And it comes at a time of relative uncertainty in the global economy and around cryptocurrency exchange regulations.
MidChains is expected to launch in late 2019 in the Abu Dhabi Global Market (ADGM), meaning that it will operate under unique oversight.
“While authorities in the UAE do not regulate cryptocurrencies, ADGM as an offshore jurisdiction launched last year a crypto asset regulatory framework that includes governance and oversight on the asset class,” per Gulf News.
The exchange did receive approval from the Financial Services Regulatory Authority of the ADGM to operate a digital asset platform earlier this year.