Altcoin News: One of the Largest Sovereign Funds in the World Invested a Seven-Figure Sum in a Crypto Exchange
The 13th largest sovereign fund in the world in terms of total assets managed by Mubadala Investment Capital has invested a seven-figure sum in the upcoming Emirate cryptocurrency exchange MidChains. The exact size of the investment is not specified.
According to Gulf News, a discussion of the terms of the deal has been ongoing for almost 12 months. MidChains is expected to begin operations in the free economic zone of the Abu Dhabi Global Market at the end of this year.
MidChains received regulatory approval from the local Financial Services Commission in May. Currently, the UAE does not have legislation to regulate the cryptocurrency industry, but the Abu Dhabi Global Market last year developed its own to streamline this area of economic relations.
MidChains plans to continue to attract funding and is already in talks with the traditional financial institutions on this issue, the publication said.
Gulf News notes that this is one of the first such deals in the Middle East. Representatives of Mubadala Investment Capital said that the digital asset industry deserves attention, and rely on the fact that MidChains will succeed, despite possible obstacles.
In April, information appeared that the UAE has become the largest jurisdiction in terms of the amount of funds raised during token sales.
Author: Marko Vidrih