Main navigation

$243 Billion Abu Dhabi State Fund Investing in Cryptocurrency Ecosystem

Mon, 12/13/2021 - 06:31
article image
Alex Dovbnya
Abu Dhabi’s sovereign wealth fund is investing in the cryptocurrency ecosystem
$243 Billion Abu Dhabi State Fund Investing in Cryptocurrency Ecosystem
Cover image via
Read U.TODAY on
Google News

Khaldoon al-Mubarak, CEO of Abu Dhabi’s state-owned fund Mubadala Investment Capital, spoke favorably about cryptocurrencies during his recent interview with CNBC.

He claims that the fund is putting money into the crypto ecosystem, singling out blockchain tech and energy as the top 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 connected to crown prince Mohamed bin Zayed, has $243 billion in assets under management.
The organization dabbled in crypto back in 2019 by investing in MidChains, the first regulated cryptocurrency exchange in the UAE.

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

Keanu Reeves Laughs at NFTs

Crypto regulations in the UAE

The Mubadala boss, who also runs the Manchester City football club, doesn’t want to align himself with cryptocurrency skeptics. He says that the technology is “real,” pointing to the rapid growth of the industry that has grown from $250 billion to $3 trillion worth of value in just a few years:

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

Speaking of cryptocurrency regulations, al-Mubarak says that they are not in their final form just yet.

However, at some point, he believes that this regulatory environment will have to evolve. In such a way, the cryptocurrency will be able to transition into “something new” as an asset class.

The Central Bank of the UAE is yet to regulate crypto assets, previously stating that it didn’t acknowledge the novel asset class.

For now, the Emirati dirham remains the only acceptable legal tender in the country.

article image
About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at