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$240 billion UAE wealth fund will invest in crypto ecosystem, CEO says

$240 billion UAE wealth fund will invest in crypto ecosystem, CEO says
Jordan
Major
7 months ago
2 mins read

The CEO and Managing Director of Mubadala Investment Company, Khaldoon Al Mubarak, revealed in an interview with CNBC on December 13 that his organization is considering investing in the “crypto ecosystem.”

Mubadala Investment Company, one of the United Arab Emirates sovereign wealth funds CEO, said that he was not a crypto skeptic and expressed confidence about investments in associated infrastructure. 

“I think it’s (crypto) is real, this is a business that had $200 billion worth of value two years ago, and is $2.5 trillion value today and growing. So while many people are skeptics, I do not fall in that category,” Al Mubarak said.

Mubadala will transition this asset class into something new

Overall, Mubadala has assets under the management of AED 894 billion ($243 billion), making it one of the biggest wealth funds in the United Arab Emirates and in the world.

Al Mubarak said that the fund, whose headquarters in Abu Dhabi, is investing in the cryptocurrency ecosystem, including blockchain technology and energy use, but he did not provide specifics.

“I think we’ll come in, and we’ll help. I think transitioning this asset class into something new. 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 the blockchain technology, energy usage, etc.”

Notably, it appears Mubarak considers the extraordinary rise in the value of the cryptocurrency market as a basis for his company’s sustained optimism about the future of digital currency.

Watch the full interview: Mubadala CEO Khaldoon Al Mubarak speaks to CNBC’s Hadley Gamble in a wide-ranging interview

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Jordan Major
Author

Jordan is an investor and market analyst. He's passionate about stocks, ETFs, blockchain, and digital assets. At Finbold.com, he delves into the technicalities to obtain future trends for new market traders and gives insights into user-friendly platforms for beginners.

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