CEO of Abu Dhabi’s Mubadala told CNBC about its fund’s investments in crypto and blockchain ecosystems.
As Reuters reported, Abu Dhabi state fund Mubadala has invested in the ecosystem around cryptocurrencies, such as blockchain technology, given the increase in the digital currency’s market value, its CEO Khaldoon al-Mubarak said in an interview on 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 said.
“So I think while many people are skeptics, I don’t fall in that category.”
Mubarak did not indicate how much the fund would spend but said the focus was on the related infrastructure, while Mubadala has $243 billion in assets.
“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 said.
The rapid growth of cryptocurrencies and, in particular, stablecoins – digital assets pegged to traditional currencies – has caught the attention of regulators that fear they could put the financial system at risk if not adequately monitored. read more
Back in October, financial technology firm Halo Investing said it had raised over $100 million in Series C funding from investors such as Owl Capital and the $1 billion Abu Dhabi Catalyst Partners, which Mubadala backs.
As earlier reported, Abu Dhabi-based digital currency trading platform HAYVN has closed a Series A funding round. This round of funding, the amount of which was not disclosed, was led by Red Acre Ventures and Hilbert Group, Arab News said.