• About
  • Contact
  • Privacy Policy
  • bitcoinBitcoin$10,743.21-0.06%
  • ethereumEthereum$355.55-0.45%
  • xrpXRP$0.239824-1.92%
  • bitcoin cashBitcoin Cash$227.03-0.41%
Cryptovibes.com - Daily Cryptocurrency and FX News
  • Home
  • News
  • Analysis
  • Crypto
  • Autotrading
    • Bitcoin Robot Guide
    • Bitcoin Billionaire
    • Bitcoin Future
    • Bitcoin Millionaire Pro
    • Bitcoin Pro
    • Bitcoin Loophole
    • Bitcoin Up
    • Bitcoin Storm
    • Bitcoin SuperSplit
    • Bitcoin Supreme
    • Bitcoin System
    • Bitcoin Fortress
    • Immediate Edge
    • Bitcoin Profit
    • Bitcoin Trader
    • Bitcoin Bank
    • Crypto Engine
    • Bitcoin Union
    • BitQT
    • Profit Compass
    • Bitcoin Champion
    • Bitcoin Optimizer
    • PBN Invest
    • Quantum AI
    • Celebrities
      • Teeka Tiwari Investment plan
      • Kate Winslet Bitcoin
      • Holly Willoughby Bitcoin
      • Ant McPartlin Bitcoin
      • Nicole Kidman Bitcoin
      • James McAvoy Bitcoin
      • Jim Davidson Bitcoin
      • Peter Lim Bitcoin
      • Jonathan Ross Bitcoin
      • Bear Grylls Bitcoin
      • Phillip Schofield Bitcoin
      • Mike Hosking Bitcoin
      • Ryan Reynolds Bitcoin
      • Dick Smith Bitcoin
    • Broker Reviews
      • Herdos Review
      • FXTB Review
  • Disclaimer
  • PR
No Result
View All Result
Cryptovibes.com - Daily Cryptocurrency and FX News
No Result
View All Result

Abu Dhabi’s Mubadala Endorses Cryptocurrencies Through a MidChains Investment

John Wanguba by John Wanguba
August 11, 2019
in Crypto news, News, Review
Reading Time: 8min read
Share on FacebookShare on Twitter

The Abu Dhabi sovereign wealth fund Mubadala Investment Capital today endorsed cryptocurrencies amidst what it calls ‘challenging marketing conditions.’ According to an official statement earlier this month, the company confirmed that it has invested in a crypto-asset exchange via its ventures arm in MidChains. That exchange is scheduled to launch in late 2019 in Abu Dhabi.

The latest move comes as Mubadala enhances its investments into the technology sector where it has identified strong opportunities. That deal marks a major milestone for the company since it is the first instance where Mubadala has invested directly into a cryptocurrency company in the Middle East.

The company further describes the digital asset space as ‘one to watch’ believing that MidChains has the potential to succeed in spite of the many bumps along the road. MidChains’ founders acknowledged that they were in discussions with Mubadala for almost a year before that deal was finalized. Though they never disclosed the value of the investment, they stated that it was a seven-figure number in US dollars.

Mohammad Al Hashemi who is the co-founder of MidChains said:

“Mubadala has always been a pioneer in the technology space and wants to become a pioneer in investing in new technologies. They’ve been very close to us, they like the story, we’re from Abu Dhabi, it’s exciting to see something growing from Abu Dhabi on a global scale by local talent, and they’ve been quite supportive, to say the least.”

He added that Mubadala are firm supporters and he thinks that their new partnership will work successfully working as a team and as a company in the new crypto space. Al Hashemi together with Basil Al Askari co-founded MidChains. Askari now serves as the company’s CEO. Both of them are Emiratis who have a vast background in financial services.

Rules and Regulations

With the launch of their company imminent, they want to develop a crypto exchange in Abu Dhabi with their base at Abu Dhabi Global Market (ADGM). While UAE authorities never regulate digital assets and cryptocurrencies, ADGM acting as an offshore jurisdiction launched a crypto asset regulatory infrastructure in 2018. That infrastructure features governance and oversight on the asset class.

Al Askari commented in an interview:

“We’re an exchange. You can think of it 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.”

In May 2019, MidChains got approval from ADGM’s Financial Services Regulatory Authority. The approval lets it operate a cryptocurrency exchange. Hence, the platform will be fully regulated by the Authority when it gets launched.

According to Al Askari, regulation is necessary to enable cryptos to flow into the mainstream. Institutions in the UAE have been worried about cryptos over the past few years. The uncertainty surrounding digital assets made institutions shy away from creating any crypto trading desks. Al Askari said:

“If I bring this down to the GCC, I think that there is a hesitation and there is a lot of white space still available. I think if investor concerns are addressed, and the chief concern being oversight … then appetite will increase in the region.”

Eventually, people are always comfortable with the existing investment asset classes since enough oversight is already put in place. Al Askari believes that authorities are gradually starting to offer enough oversight to the crypto investment space.

International Development

When analyzed in the international perspective, cryptocurrencies are gradually beginning to get mainstream traction. JP Morgan has already created its JPM Coin after it had dismissed cryptos during the 2017 bull run. On the other hand, Goldman Sachs is actively recruiting a team, particularly for cryptos. Fidelity Investments unveiled a crypto arm.

Al Askari thinks that it is a good sign of interest displayed by the big banks. Thus, it is slowly becoming clear that cryptos are on track globally gaining more institutional participation. Appetite is also developing digital assets from retail investors. The MidChains’ founders think that another bull run is in the making before 2019 ends. They also believe that it is highly likely that interest will continue to grow.

Currently, most of the investors who have displayed some interest in using the MidChain platform to trade are based outside the United Arabs Emirates. Furthermore, all those who want to trade think that the new asset class is here to stay. However, that does not confirm that it will stay as a mainstream currency.

Al Askari thinks that cryptos like Bitcoin will become a new investment class as opposed to becoming a replacement for the US dollar or any other fiat currency around the world. His sentiments are shared by many other traders who invest in cryptocurrencies.

MidChains stated that it will try to raise additional capital later this year after securing the investment from Mubadala. It acknowledged that it is already in touch with various investors including several large institutional US investors. The founders were not ready to name any of their potential further investors that they were in touch with. But, they revealed that they were institutions dealing with traditional asset classes.

Investors are advised to note that MidChains has no stances on the price outlook for any cryptocurrencies. It is just an exchange platform to trade digital tokens.

The Announcement

The announcement of the Mubadala investment into the MidChains start-up came a few days after it reported its 2018 financial performance. Mubadala described last year as challenging featuring uncertain yields and volatile equities. Furthermore, it stated that it was seeking to invest in different industries including technology where disruption:

“Is creating the potential for value across all sectors, which is an opportunity for us to deepen our position as a major global investor.”

The group CEO and managing director of Mubadala, Khaldoon Al Mubarak, spoke at the time of reporting performance saying that the company is:

“Activating its investments and relationships to establish Abu Dhabi as the technology hub for the Middle East and North Africa region.”

Like what you're reading? Subscribe to our top stories
Tags: Abu DhabiADGMAl AskariAl HashemiBitcoincryptoCrypto adoptioncrypto exchangescrypto trading deskcryptocurrencyFidelity InvestmentsGeneral MarketGoldman Sachsinstitutional investorsJP MorganJPM CoinMidChainsMubadalaUAEUnited Arabs Emirates

Related Posts

Kraken Suspends XRP Trading For US-Based Clients
Crypto news

Kraken Suspends XRP Trading For US-Based Clients

January 18, 2021
Bitcoin Still In ‘Low End’ Of Bull Cycle – Thermocap Metric
Analysis

Bitcoin Still In ‘Low End’ Of Bull Cycle – Thermocap Metric

January 18, 2021
Chainlink (LINK) Is Surging Into The Skies, Here Is Why
Analysis

Chainlink (LINK) Is Surging Into The Skies, Here Is Why

January 18, 2021

Comments 6

  1. Pingback: Abu Dhabi’s Mubadala Endorses Cryptocurrencies Through a MidChains Investment – BitcoinGuide.com News
  2. Pingback: Abu Dhabi’s Mubadala Endorses Cryptocurrencies Through a MidChains Investment | - 0x Fintech
  3. Pingback: Abu Dhabi's Mubadala Endorses Cryptocurrencies Through a MidChains Investment | | Tech Mirror
  4. Pingback: Abu Dhabi's Mubadala Endorses Cryptocurrencies Through a MidChains Investment | | Tech Nug
  5. Pingback: Abu Dhabi’s Mubadala Endorses Cryptocurrencies Through a MidChains Investment |
  6. Pingback: Abu Dhabi’s Mubadala Endorses Cryptocurrencies Through a MidChains Investment | - XPOCOIN

Leave a Reply Cancel reply

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

About CryptoVibes

CryptoVibes (formerly FXTimes) is a daily Cryptocurrency and Forex industry news website that has covered the latest news in the industry since 2017. Our goal is to drive transparency in the finance industry and provide news for our users on blockchain, exchanges, business and industry regulation.

Trending Topics

  • 5 Quick Ways to Buy Bitcoin With PayPal
  • Bitcoin Revolution Review 2019 : Comprehensive Sign Up Guide
  • Bitcoin Loophole Review 2019 » Comprehensive Sign Up Guide
  • Bitcoin System Review 2019 » Complete The Bitcoin System App Guide
Facebook Twitter Instagram Telegram RSS Youtube

Information

  • About
  • Contact
  • Privacy Policy

Registered UK company no. 11705811. For advertising inquiries please reach us via email hello@fxtimes.com

Note that the content on this site should not be considered investment advice. Investing is speculative. When investing your capital is at risk. This site is not intended for use in jurisdictions in which the trading or investments described are prohibited and should only be used by such persons and in such ways as are legally permitted. Your investment may not qualify for investor protection in your country or state of residence, so please conduct your own due diligence. This website is free for you to use but we may receive commission from the companies we feature on this site.

Newsletter

Like what you're reading? Subscribe to our top stories
Main Bandar Poker Online Merangsangkan Taruhan Untuk Menang Penuh

Kalau Anda mengerti beberapa Main dengan referensi dibawah berikut ini, Anda akan membuat instruksi bikin Dikau buat dapat mainkan bagian pandang pada musuh. Kesudahannya pada saat Anda punya satu kartu yg sedikit untung, tentu saja Kamu dapat mainkan bagian ranggul itu.

Sampai bikin sampar memahami kemenangan Anda tandus langkah mutlak. Tetapi pra Anda mengerti bagaimana mainkan bagian pandang, tentu aja Anda lalu harus bisa terima bagian pandang dari musuh dengan sesuai beserta. Oleh karenanya Anda siap memahami jika pekerjaan ini demikian dapat diuntungkan jika dilihat dari sisi renung yg sesuai dengan. Oleh karena itu, beberapa orang pada Kamu tentu saja sadar jika pekerjaan main poker online demikian dapat digunakan bikin memicu keuntungan lewat langkah kusut. Tetapi sebenarnya pekerjaan ini harus Anda sadari ada sangat banyak strategi didalamnya yg harus Anda dapat aplikasikan.

Beberapa dari Anda pasti saja memahami jika ada keuntungan pada saat tiket besar bandar Poker Online terlihat. Barisan 5 tiket yg terlihat tentu aja ada salah satunya yg besar serta dapat bikin Anda dapat memakai bikin membuahkan keuntungan. Oleh sebab Main Bandar Poker Online itu permainan itu bisa berikan suport Anda memicu keuntungan yg subtansial jika diproses melalui langkah yang sesuai.

Beberapa dari Anda yang tentu memahami permainan ini antara satu yang dapat bawa serta Dikau membuahkan keuntungan. Dimana di saat Anda dapat mainkan bagian pandang dari sampar jika Anda menggenggam tiket yg sama besarnya. Karenanya pada saat kartu As yg terlihat tentu aja akan bikin Anda kian baik bikin kerjakan all in saja. Meski demikian mungkin masih musuh Dikau terlihat namun sebenarnya Kamu dapat membuahkan keuntungan yang semakin besar dengan menggetarkan beberapa musuh.

Trick Berjalan Bandar Poker Online Yang Jarang-jarang Terlihat
Kalau Dikau adalah orang yg seringkali main judi online, tetap saja Anda mengerti Permainan Bandar Poker Online dapat mendatangkan keuntungan yg subtansial. Permainan ini demikian dapat dimenangi pada saat Dikau dapatkan gabungan kartu mengelokkan tinggi bikin dapat mengakibatkan keuntungan yg subtansial. Per judian online dengan menggunakan sajian Poker Online antara wahid yg demikian menarik dalam dunia. Banyak sebagian orang2 yg membuahkan keuntungan daripada permainan ini pada beserta sisi yg dapat beralih jadi seseorang profesional kuat.

Agar Anda dapat memicu keuntungan lewat langkah ruwet. Antara dari Anda seharusnya pahami jika permainan Poker Online dapat berikan suport membuahkan keuntungan kalau diproses dengan strategi yg serasi. Sebenarnya begitu banyak kurang lebih macam yg tidak terlihat oleh banyak sebagian orang2 namun seringkali Anda dapatkan pada permainan ini.

Tata Menang Mainkan Kesempatan Flush
Anda harus memahami jika 5 kartu dengan sekar yg sama tipenya siap membuahkan flush. Oleh kesudahannya Anda harus pahami dan kemudian jika pekerjaan ini siap membuahkan keuntungan yg subtansial kalau diproses dengan pantas dengan. Pada saat ada 3-4 kartu yg demikian dapat termasuk bikin sampaikan suport Anda buat memicu flush, jadi Anda bisa membuahkan keuntungan besar.

Copyright © 2017-2019 Cryptovibes.com. Price data provided by our official partner CoinGecko.

No Result
View All Result
  • Home
  • Crypto news
  • Analysis
  • Editors’ Choice
  • Entertainment
  • Press Releases
  • ICO
  • Wisdom
  • Coins List
  • Advertising
  • About FXTimes
    • Privacy Policy
    • Terms of Use
    • Donate

Copyright © 2017-2019 Cryptovibes.com. Price data provided by our official partner CoinGecko.

en English
ar Arabicnl Dutchen Englishfr Frenchde Germanit Italianpl Polishpt Portuguesees Spanish
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.