Abu Dhabi State Fund Invests $243 Billion in Cryptocurrency Ecosystem

During a recent interview with CNBC, Khaldoon al-Mubarak, CEO of Abu Dhabi’s state-owned fund Mubadala Investment Capital, talked highly of cryptocurrencies.

The boss of Abu Dhabi Investments states that the firm is investing in the crypto ecosystem, citing blockchain technology and energy as main areas of interest:

From our perspective, I think we look at the ecosystem around crypto. And I think we are investing in that ecosystem. That could be that’s in the block-chain technology, energy usage, etc.

Mubadala, which is linked to Crown Prince Mohamed bin Zayed, manages $243 billion in assets.

Back in 2019, the organization ventured with bitcoin by investing in MidChains, the UAE’s first licensed cryptocurrency exchange.

MidChains began trading with four cryptocurrencies in late September (Bitcoin, Bitcoin Cash, Litecoin and Ethereum).

The Abu Dhabi’s state-owned fund chairman, who also owns Manchester City football club, does not want to be associated with bitcoin naysayers. He claims that the technology is “real,” citing the industry’s quick rise from $250 billion to $3 trillion in value in only a few years:

Many people are skeptics. I do not fall in that category. I see this as real.

In terms of cryptocurrency legislation, al-Mubarak claims that they are not yet in their final shape.

However, he feels that this regulatory framework will have to shift at some time. As a result, Bitcoin will be able to evolve into “something new” as an asset class.

The UAE Central Bank has yet to regulate crypto assets, after previously claiming that it does not recognize the unique financial class.

For the time being, the Emirati dirham is the sole legal tender in the country.

Patrick

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