The venture capital arm of Mubadala Investment Company has taken a stake in MidChains, a company which recently gained approval from Abu Dhabi Global Markets (ADGM) regulators to operate a crypto asset exchange in the capital.
MidChains, a two-year old company offering digital asset exchange and custodian services, gained in-principal approval from ADGM’s Financial Services Regulatory Authority last month to set up and run a global crypto asset exchange and custodian service and has now become one of the first digital asset firms in the Middle East to gain funding from Mubadala. The sum invested was not disclosed.
“Given Mubadala’s reputation as a global investment company, this investment will provide us with a platform to scale up, including for retail and institutional clients,” said Basil Al Askari, co-founder and chief executive of MidChains.
