Aug 16 / 2019
Latest News / Blockchain news/ Crypto

Mubadala Investment finalises deal with MidChains

Investment deal is reportedly worth 7 figures

The world’s thirteenth largest sovereign wealth fund Mubadala has made a “seven-figure” USD investment. The investment was made in Midchains, an upcoming institutional crypto asset trading platform based in Abu Dhabi Global Market.

Mohamed Al Hashemi and Basil Al Askari, co-founder of MidChains

As stated in Golf newspaper on Sunday, it took them a year to finalise the deal. It is expected that Midchains platform will launch later this year. “Mubadala has always been a pioneer in the technology space and wants to become a pioneer in investing in new technologies,” commented Mohammad Al Hashemi, co-founder of MidChains.

The launching of MidChains will take place at Abu Dhabi Global Market (ADGM). Al Hashemi and Basil Al Askari, two Emairatis business men, they are the cofounder of MidChains. Al Askari also serves as the company’s chief executive officer.

It should be noted that the authorities of the UAE do not regulate cryptocurrencies, for this reason Midchains will be launched in (ADGM). The Abu Dhabi Global Market is an offshore jurisdiction. Last year, they launched a crypto asset regulatory framework that includes governance and oversight on the asset class. This means that the platform will be regulated by the authority.

Commenting on this Basil Al Askari, co-founder of MidChains, said: “We’re an exchange. You can think of it as similar to a stock exchange, but where you’re trading equities, for us, it would be crypto. We also perform custody activities,  which means we also can store, settle, and clear crypto transactions on behalf of our clients”.

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