In the recent interview with CNBC, Abu Dhabi’s State funded Mubadala Investment Capital’s CEO, Khaldoon al-Mubarak talked about the influence of cryptocurrencies and the positive change they can bring to a society. He also added, “Mubadala Investment Capital is investing in cryptocurrencies” Fintech and modern technologies are their top priorities.
“From our perspective, I think we look at the ecosystem around crypto. And I think we are investing in that ecosystem. That could be in blockchain technology, energy usage, etc.”
Mubadala’s CEO tells CNBC he’s not a crypto skeptic pic.twitter.com/rfT5nLjqur
— CNBC Middle East (@CNBCMiddleEast) December 13, 2021
The crown prince of Abu Dhabi, Mohamed bin Zayed, holds assets of $243 billion in Mubadala Investment Capital. In 2019, the organization invested in MidChains which has been the first centrally regulated crypto exchange in the UAE.
It should be noted that MidChains initially started its operations in September by trading in 4 top coins Bitcoin, Ethereum, Litecoin and Bitcoin Cash that tantamount its future growth as these coins have grown in value since then making room for more investment opportunities.
Khaldoon Al Mubarak, who is also Chairman of Manchester City Football Club and Mumbai City FC, is more willing to be reckoned with modern technology than a critic of it. He believes the blockchain and Fintech technology as a whole is more progressive and “real” believes it will grow overtime and become mainstream pointing towards its growth from an industry of $250 billion to $3 trillion in the matter of a few years.
“So, we take that as one very important data point. You combine that with another very relevant data point … there’s [only] five foundry businesses, global foundry businesses, four of which are in Asia,” he added.
“One of which, GlobalFoundries has, I think, the unique differentiated platform of being in the United States, in Europe, and in Asia.”
Regarding the blockchain regulations in the UAE he says, the technology is still in development and its final shape has not yet been revealed. Furthermore, he believes, the cryptocurrency ecosystem will take the shape of assets gradually.