фото показано с : invezz.com

Mubadala, the Abu Dhabi state fund, is investing in the ecosystem surrounding the use of cryptocurrencies. Mubadala manages around $243 million worth of assets, and it has now turned its attention towards the booming digital currency market.

Mubadala will invest in blockchain technology and the entire digital assets ecosystem. According to the state fund, the cryptocurrency sector had recorded major gains in value in just a few years.

The CEO of Mubadala, Khaldoon al-Mubarak, mentioned the immense growth of the cryptocurrency sector during an interview with CNBC.

“I think, you know, this is a business that had, what $200 billion worth of crypto value two years ago, and it’s two and a half-trillion dollars today and growing,” Mubarak stated.

So, I think while many people are skeptics, I don’t fall in that category.

Mubarak did not give any hints regarding the funds to be spent on this initiative. However, he stated that Mubadala would pay much focus on the infrastructure surrounding digital currencies.

“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 blockchain technology, energy usage, etc.,” he stated.

The growth of cryptocurrencies this year has attracted the attention of regulators globally, and the UAE has not been left behind. The UAE is one of the most business-friendly regions globally, and digital assets make for a perfect fit in the region.

However, cryptocurrencies have also presented challenges, as some government institutions state that they could pose a risk to financial stability and the monetary systems.

Nevertheless, these challenges have not prevented institutions in the UAE from exploring offerings in the crypto sector. Halo, a leading financial technology firm, issued a statement in October stating that it had raised more than $100 million in a Series C funding round. The funding round was led by different leading investors such as Owl Capital.

Mubadala also invested indirectly in the Series C funding round through the Abu Dhabi catalyst Partners.

Dubai is also taking a progressive approach regarding digital asset regulations. The Dubai Financial Services Authority (DFSA) recently released a framework to govern the regulation of digital assets.

The UAE Securities and Commodities Authority also teamed up with the Dubai World Trade Center Authority (DWTCA) to work on a framework to approve and license firms that offer services related to crypto assets.

The post $243M Abu Dhabi state fund to invest in the crypto sector appeared first on Invezz.

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