See Why this Sovereign Wealth Fund Could Catalyze Cryptocurrency Growth
Posted on 08/01/2019
Abu Dhabi is making a play to be a center for blockchain and cryptocurrencies. Mubadala Ventures, the venture capital unit of Mubadala Investment Company, acquired a stake in MidChains. MidChains recently gained in-principal approval from Abu Dhabi Global Markets (ADGM) regulators to operate a cryptocurrency asset exchange in Abu Dhabi. MidChains offers digital asset exchange and custodian services. MidChains started in 2017. Basil Al Askari, CEO of MidChains, worked at Mubadala in private equity and Mubadala GE Capital PJSC. Furthermore, Mubadala Capital has an active trading desk involved in a myriad of asset classes.
MidChains is based in the Hub71 accelerator in Abu Dhabi Global Markets, which aims to catalyze technology and finance startups and growth companies in Abu Dhabi. Mubadala Ventures was set up in 2017.