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Capital and the second most populous city of the United Arab Emirates.

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Abu Dhabi Government Invests in Cryptocurrency Exchange Platform, MidChains 

MidChains, a licensed bitcoin trading platform based in the United Arab Emirates (UAE) has secured an unspecified amount of funding from Mubadala Investment Capital, Abu Dhabi’s sovereign wealth fund, according to a report by local news source Gulf News on August 11, 2019.  Abu Dhabi Supports the Growth of its Cryptos  Despite the super volatileRead MoreRead More. The post by Ogwu Osaemezu Emmanuel appeared first on BTCManager, Bitcoin, Blockchain & Cryptocurrency News\
BTC Manager

Abu Dhabi’s Mubadala Supports Cryptocurrencies via MidChains

Coinspeaker Abu Dhabi’s Mubadala Supports Cryptocurrencies via MidChainsOne of the world’s 20 biggest sovereign wealth fund, Abu Dhabi-based Mubadala Investment Capital, announced they had invested in crypto exchange MidChains.A digital currency trading platform will allegedly start with its work by the end of 2019 in Abu Dhabi, and it will be located in the international financial center and free zone Abu Dhabi Global Market (ADGM).Basil Al Askari, co-founder of MidChains, explained:“We’re an exchange. You can think of it similar to a stock exchange, but where you’re trading equities, for us, it would be crypto. We also perform custody activities, which means we also can store, settle, and clear crypto transactions on behalf of our clients.”Foreign stakeholders had allegedly also expressed their interest in using the trading platform of MidChains and Al Askari noted that he considers Bitcoin (BTC) to be a new investment class but not just an asset that will replace currently existing fiat currencies.It is presumed that the deal between MidChains and Mubadala was planned for about a year now, and while they did not say what’s the exact value they confirmed it is known that the investment was a seven-figure number in US dollars.Another MidChains’ co-founder Mohammad Al Hashemi said that Mubadala has always been a pioneer in the technology space and wants to become a pioneer in investing in new technologies as well.Authorities in the UAE haven’t imposed any regulation for cryptocurrencies yet. And being an offshore jurisdiction, ADGM started working on their crypto asset regulatory framework last year.However, Askari said that he is aware that, in UAE, people are comfortable with existing investment asset classes because adequate oversight is there. And it is expected that the same attitude will be observed in the crypto space as well.He also believes that the interest of big corporations is a good sign. In this case, he referred to JP Morgan creating its own cryptocurrency as well as Goldman Sachs and Fidelity Investments recruiting crypto teams.With, now secure, investment from Mubadala, MidChains said they will be looking for additional capital later in the year. Moreover, it is known that they have already established contacts with some investors.The announcement of an investment from Mubadala into start-up Midchains was made just a couple of days after they published their financial results for 2018 which was not the easiest one for them.They confirmed interest in investing in different industries. And one of them is technology where disruption “is creating the potential for value across all sectors, which is an opportunity for us to deepen our position as a major global investor.”Let’s also not forget that a few months ago, UAE-based crypto asset exchange and custodian Arabian Bourse (ABX) — a joint venture from GMEX Group and Arshad Khan — got their initial regulatory approval from the ADGM. ABX is established in order to benefit from the city’s proactive crypto asset regulatory framework.Another UAE-based crypto exchange BitOasis has managed to secure its preliminary approval with financial regulators earlier this year. The exchange still has to meet special technical and operational requirements. And it is expected that it can be done by the end of this year as well.Abu Dhabi’s Mubadala Supports Cryptocurrencies via MidChains
Coinspeaker

Abu Dhabi’s Mubadala Endorses Cryptocurrencies Through a MidChains Investment

The Abu Dhabi sovereign wealth fund Mubadala Investment Capital today endorsed cryptocurrencies amidst what it calls ‘challenging marketing conditions.’ According to an official statement earlier this month, the company confirmed that it has invested in a crypto-asset exchange via its ventures arm in MidChains. That exchange is scheduled to launch in late 2019 in Abu Dhabi. The latest move comes as Mubadala enhances its investments into the technology sector where it has identified strong opportunities. That deal marks a major milestone for the company since it is the first instance where Mubadala has invested directly into a cryptocurrency company in the Middle East. The company further describes the digital asset space as ‘one to watch’ believing that MidChains has the potential to succeed in spite of the many bumps along the road. MidChains’ founders acknowledged that they were in discussions with Mubadala for almost a year before that deal was finalized. Though they never disclosed the value of the investment, they stated that it was a seven-figure number in US dollars. Mohammad Al Hashemi who is the co-founder of MidChains said: “Mubadala has always been a pioneer in the technology space and wants to become a pioneer in investing in new technologies. They’ve been very close to us, they like the story, we’re from Abu Dhabi, it’s exciting to see something growing from Abu Dhabi on a global scale by local talent, and they’ve been quite supportive, to say the least.” He added that Mubadala are firm supporters and he thinks that their new partnership will work successfully working as a team and as a company in the new crypto space. Al Hashemi together with Basil Al Askari co-founded MidChains. Askari now serves as the company’s CEO. Both of them are Emiratis who have a vast background in financial services. Rules and Regulations With the launch of their company imminent, they want to develop a crypto exchange in Abu Dhabi with their base at Abu Dhabi Global Market (ADGM). While UAE authorities never regulate digital assets and cryptocurrencies, ADGM acting as an offshore jurisdiction launched a crypto asset regulatory infrastructure in 2018. That infrastructure features governance and oversight on the asset class. Al Askari commented in an interview: “We’re an exchange. You can think of it similar to a stock exchange, but where you’re trading equities, for us, it would be crypto. We also perform custody activities, which means we also can store, settle, and clear crypto transactions on behalf of our clients.” In May 2019, MidChains got approval from ADGM’s Financial Services Regulatory Authority. The approval lets it operate a cryptocurrency exchange. Hence, the platform will be fully regulated by the Authority when it gets launched. According to Al Askari, regulation is necessary to enable cryptos to flow into the mainstream. Institutions in the UAE have been worried about cryptos over the past few years. The uncertainty surrounding digital assets made institutions shy away from creating any crypto trading desks. Al Askari said: “If I bring this down to the GCC, I think that there is a hesitation and there is a lot of white space still available. I think if investor concerns are addressed, and the chief concern being oversight … then appetite will increase in the region.” Eventually, people are always comfortable with the existing investment asset classes since enough oversight is already put in place. Al Askari believes that authorities are gradually starting to offer enough oversight to the crypto investment space. International Development When analyzed in the international perspective, cryptocurrencies are gradually beginning to get mainstream traction. JP Morgan has already created its JPM Coin after it had dismissed cryptos during the 2017 bull run. On the other hand, Goldman Sachs is actively recruiting a team, particularly for cryptos. Fidelity Investments unveiled a crypto arm. Al Askari thinks that it is a good sign of interest displayed by the big banks. Thus, it is slowly becoming clear that cryptos are on track globally gaining more institutional participation. Appetite is also developing digital assets from retail investors. The MidChains’ founders think that another bull run is in the making before 2019 ends. They also believe that it is highly likely that interest will continue to grow. Currently, most of the investors who have displayed some interest in using the MidChain platform to trade are based outside the United Arabs Emirates. Furthermore, all those who want to trade think that the new asset class is here to stay. However, that does not confirm that it will stay as a mainstream currency. Al Askari thinks that cryptos like Bitcoin will become a new investment class as opposed to becoming a replacement for the US dollar or any other fiat currency around the world. His sentiments are shared by many other traders who invest in cryptocurrencies. MidChains stated that it will try to raise additional capital later this year after securing the investment from Mubadala. It acknowledged that it is already in touch with various investors including several large institutional US investors. The founders were not ready to name any of their potential further investors that they were in touch with. But, they revealed that they were institutions dealing with traditional asset classes. Investors are advised to note that MidChains has no stances on the price outlook for any cryptocurrencies. It is just an exchange platform to trade digital tokens. The Announcement The announcement of the Mubadala investment into the MidChains start-up came a few days after it reported its 2018 financial performance. Mubadala described last year as challenging featuring uncertain yields and volatile equities. Furthermore, it stated that it was seeking to invest in different industries including technology where disruption: “Is creating the potential for value across all sectors, which is an opportunity for us to deepen our position as a major global investor.” The group CEO and managing director of Mubadala, Khaldoon Al Mubarak, spoke at the time of reporting performance saying that the company is: “Activating its investments and relationships to establish Abu Dhabi as the technology hub for the Middle East and North Africa region.” Like what you're reading? Subscribe to our top stories The post Abu Dhabi’s Mubadala Endorses Cryptocurrencies Through a MidChains Investment appeared first on FXTimes.com - Daily Cryptocurrency and FX News.
Cryptovibes

Matrix Exchange Receives In-Principle Approval from Abu Dhabi Global Market

Coinspeaker Matrix Exchange Receives In-Principle Approval from Abu Dhabi Global MarketAbu Dhabi-based crypto asset exchange, Matrix Exchange announced on July 12 that it has received an In-Principle Approval (IPA) from by the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM) to operate as a crypto asset exchange and custodian in ADGM.The United Arab Emirates keeps embracing and regulating blockchain & crypto assets into its financial system. ADGM was first in the Middle East and Africa region to establish and launch a fully operational and regulated crypto-asset framework and regime in June 2018. The ADGM business friendly and well-regulated ecosystem continues to attract more and global digital assets investors, blockchain technology companies and other related financial institutions to the UAE.With digital assets becoming popular alternative investments, compliance is increasingly significant for investors and customers.Matrix Exchange Chairman James Wo said:“The IPA is an important milestone. Subject to regulatory approvals by the FSRA, Matrix Exchange aims to be a recognized regulated crypto asset exchange in the Middle East. It gives us the legitimacy to provide compliant, secure and reliable digital asset transactions for users when we are fully operational.”With a particular focus on the UAE market, Matrix Exchange is also dedicated to establishing a world-class regulated exchange for international investors.Matrix Exchange is sponsored by Digital Finance Group (DFG), which operates investments in both primary and secondary markets. DFG’s blockchain private equity fund has invested in excellent companies including Circle, LedgerX and more. DFG also provides support for ETC & ETH infrastructure projects, manages AToken (light wallet), BIKA (cryptocurrency market & info platform) and more.Matrix Exchange Receives In-Principle Approval from Abu Dhabi Global Market
Coinspeaker

UAE Residents Defrauded by Scammers with Fake Endorsement by Abu Dhabi’s Crown Prince

Adding to the number of false schemes and scams in the cryptocurrency space, a scheme reportedly run from Argentina and Ukraine has been outed for falsely claiming their investment product was endorsed by Crown Prince Sheikh Mohammed bin Zayed, guaranteeing to “make you rich in seven days”, as reported by The National, June 30, 2019.Read MoreRead More. The post by Ashwath Balakrishnan appeared first on BTCManager, Bitcoin, Blockchain & Cryptocurrency News\
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Bakkt Official Launch Date, Ethereum Upgrade, Coinbase Bank & Is Everyone Ready?

Support Me On Patreon! https://www.patreon.com/TheModernInvestor ---------------------------------------------------------------------------- Protect And Store Your Crypto With A Ledger Nano: https://www.ledger.com?r=8af3ed38d3b7 ----------------------------------------------------------------------------- Want To Send Me A Tip? Bitcoin Donations Address: 1BYhrLpntMYW97sd8K6fquTcr5MYwPAe2y Ripple (XRP) Donation Address: rsoKR5VHJx84oMTYbS7tWg7g5aFebYirVi Ethereum / KIN / OmiseGo Donation Address: 0x0e5f5CEFaA9A0713AB6D8F79E6679E22d86C21f6 ----------------------------------------------------------------------------- Open An Account With Binance! https://www.binance.com/?ref=22170588 ------------------------------------------------------------------------------ Buy Bitcoin And Ethereum With Fiat On Binance! https://www.binance.je/?ref=35009618 -------------------------------------------------------------------------------- Follow Me On Facebook ! https://www.facebook.com/TheModernInvestor https://www.youtube.com/channel/UC-5HLi3buMzdxjdTdic3Aig Follow Me On Twitter: https://twitter.com/ModernInvest ---------------------------------------------------------------------------------- Very Special Thanks To My Patreon Supporters: Professor Wally From Gunbot University Forex Lens Inc Auspicious Agile & Blockchain Yet Another Nick Bitsource AML Solutions Chris Charles Roman Geber David Chosrova Stuart Niven Larry Gooch Tyler Winklevoss NBKrypto Steven Harper Ulf Fatman Josefsson Mohammad Tabbaa Brian Vaci Jeffrey Pete Mozar Cryptocurrency Logic Jonathan Robert Kraus Josh Gorcyca K9 Ytrup Crypto Jedi Truls Lee 3000 O. Tom Chhuong Kaneko Tomonori Sir Thomas11_11 Mike McCarty Crypto And Beer Shipmate ZEN Lunacy VV Nicola Kenny Mr. Smith Joey The Happy Farmer Damien Walker ---------------------------------------------------------------------------------- Photo Credit To: https://s.yimg.com/uu/api/res/1.2/w1SLnQC3Xbz2p6F9u0JhVw--~B/aD0xMDAwO3c9MTkxMDtzbT0xO2FwcGlkPXl0YWNoeW9u/http://media.zenfs.com/en-US/homerun/cnbc.com/a26078ac0fe32a76bc5a2b8addf19e1f
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CME Futures CRUSHED Bitcoin... Will Bakkt do the Opposite?

👇🏻Support the channel by using my affiliate links👇🏻 ✘ Exchanges I'm using: ► Coinbase FIAT https://www.coinbase.com/join/59398125002bcc03276297d6 ► Binance FIAT https://www.binance.je/?ref=35002320 ► Binance Altcoins https://www.binance.com/?ref=16553332 ► Bitmex Futures https://www.bitmex.com/register/s0r1z5 ► Bybit Futures https://www.bybit.com/app/register?ref=RPyME ► Deribit Futures & Options https://www.deribit.com/reg-2331.1757 ✘ My Chart Tool: ► TradingView https://tradingview.go2cloud.org/aff_c?offer_id=2&aff_id=12339 ✘ My Hardware Wallets: ► Ledger https://www.ledgerwallet.com/r/f7c4 ► Trezor https://shop.trezor.io/product/trezor-one-white?offer_id=14&aff_id=1164 ✘ Keep your Private Keys safe: ► https://cryptosteel.com/product/cryptosteel/?csr=517 ✘ Support the Channel via BTC Lightning Network: ► https://tippin.me/@sunnydecree ✘ BTC: ► 12vg29zgveAqm31yiUrL9kM2ANmYMFaA93 ✘ Follow me: ► https://twitter.com/sunnydecree ► https://discord.gg/Psrt8Yn ► https://www.youtube.com/sunnydecreede #Bitcoin #BTC #Crypto
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Here’s Why Bakkt Launch Is a Blessing For Bitcoin Holders

Yesterday’s big announcement that regulatory approval has been granted to Bakkt could be the best news bitcoin investors have had this year. It opens the door to the institutional investors and is a huge step forward for crypto industry legitimization in the US. Bakkt To Launch Next Month After months of procrastination, the new cryptocurrency trading platform launched by the Intercontinental Exchange (ICE) has finally been given the green light. The news that the Commodity Futures Trading Commission (CFTC), and the New York State Department of Financial Services, has granted regulatory approval broke late yesterday as reported by Bitcoinist. The concept of physically delivered bitcoin futures will require investors to either produce actual BTC or take delivery in them from their respective exchanges and platforms. Crypto trader at TexasWest Capital, Scott Melker, who also goes by the twitter handle ‘Wolf of All Streets’ stated the news was ‘arguably the most bullish event for institutional investors in the history of bitcoin’. The @Bakkt news is arguably the most bullish event for institutional investors in the history of bitcoin. PHYSICALLY delivered futures (require the holder to either produce actual bitcoin or take delivery from the exchange) backed by the New York Stock Exchange. We are maturing. — The Wolf Of All Streets (@scottmelker) August 16, 2019 Being backed by the New York Stock Exchange has granted bitcoin a level of legitimization never seen before. Investors will get the opportunity to trade in daily and monthly physical bitcoin futures contracts which is likely to lead to greater mainstream adoption. Bakkt is also planning to onboard a number of commercial retailers such as Starbucks which will provide an easier way for people to make purchases using bitcoin and other crypto assets. General Counsel for Compound Finance, Jake Chervinsky, was equally bullish on the Bakkt news stating that: “It offers a way for large, risk-averse institutions to buy and custody bitcoin through an end-to-end regulated system approved by the CFTC and NYDFS, and backed by the sterling reputation of ICE. Compliance lawyers rejoice!” The former litigator also noted that there is still a long way to go since there is still the SEC to contend with. When questioned on the possibility of big investors trying to short bitcoin he added; “Short sellers betting against a commodity probably don’t want to hold the underlying, so shorting via physically-delivered futures is more for entities that are net long (like miners) and want to hedge.” Fintech Business Analyst going by the twitter handle ‘Mr. Gordon’ was equally bullish on Bakkt; “This must be what it feels like to win the lottery!  The confirmation of the launch of #Bakkt changes EVERYTHING… Those of us who have been investing in crytpo for the last couple of years now have some very serious decisions to make…” This must be what it feels like to win the lottery! The confirmation of the launch of #Bakkt changes EVERYTHING.. Those of us who have been investing in crytpo for the last couple of years now have some very serious decisions to make….. Like which colour to get pic.twitter.com/Klo5GwOWY7 — Mr Gordon (@MrGordon_UK) August 16, 2019 Picking a Lambo color is probably a little presumptuous at the moment. Bitcoin price did not even react to the announcement as markets remain choppy this morning. BTC is still consolidating in the mid-$10k range after two dips into four-figure territory late in the week but the long term prospects have just brightened significantly. Will Bakkt send Bitcoin price to a new all-time high later this year? Add your thoughts below. Images via Bitcoinist Image Library, Twitter: @scottmelker, @MrGordon_UK The post Here’s Why Bakkt Launch Is a Blessing For Bitcoin Holders appeared first on Bitcoinist.com.
Bitcoinist

Bakkt launch bears good news for Bitcoin’s price and regulation

One of the biggest news last year was the announcement made by the New York Stock Exchange’s parent company, Intercontinental Exchange. In August 2018, The firm announced that it would be venturing into the cryptocurrency space with the launch of a new company – Bakkt. This turned out to be an extremely bullish news in […] The post Bakkt launch bears good news for Bitcoin’s price and regulation appeared first on AMBCrypto.
AMBCrypto

Bakkt’s Gets Nod for Physically Delivered Bitcoin Futures Approved from CFTC

The Commodities Futures Trading Commission (CFTC) has greenlighted the physically delivered Bitcoin futures product by Bakkt. Company CEO confirmed the news and said that the derivatives product would debut on September 23. Bakkt will be the first to debut physical BTC futures Kelly Loeffler, CEO of Bakkt recently announced that the startup had won approval from the US CFTC to start offering physically settled Bitcoin futures contracts. Bakkt is backed Intercontinental Exchange, and Loeffler is married to Jeff Sprecher, the CEO of ICE. With this approval, Bakkt will become the first company to launch the physical BTC futures. The products will debut on the market on September 23, and all contracts will be cleared by ICE Clear US, the same service that clears trades for NYSE. Loeffler gave a lengthy statement on the product suggest that Bakkt’s product received CFTC approval after a self-certification process. They have also started user acceptance testing. The Bitcoins backing the futures contracts will be under the custody of Bakkt Warehouse. Bakkt Trust Company, a qualified custodian, has also received approval from the New York State Department of Finance Services. She said, “This offers customers unprecedented regulatory clarity and security alongside a regulated, globally accessible exchange in a market underserved by institutional-grade infrastructure.” Bakkt wins the race The ICE-backed startup is not the only company eyeing the lucrative physically-settled Bitcoin futures sector. Numerous other companies like LedgerX are planning to bring the same opportunity to the market. LedgerX could have become the first company to launch these products as it received approval for offering futures, options and swaps settled in Bitcoin by the CFTC. However, the regulator says that the company lacks adequate approvals for launching the physical futures product. Meanwhile, Bakkt has decided to offer two types of futures contracts- daily and monthly. The collection of variation margin and initial margin collateral will be done by ICE Clear US. Product testing began last month to ensure that there are no hiccups when it eventually launches for the buyers. The qualified custodian of Bakkt will help in addressing concerns of the regulator related to manipulation and theft. Note that the company acquired Digital Asset Custody Company (DACC) earlier this year to win the New York regulator’s approval to become a qualified custodian. The company has also decided to pay $35 million for hedging against risks. Loeffler says that doing so will help bring safety for market participants and bring more integrity to this sector. The post Bakkt’s Gets Nod for Physically Delivered Bitcoin Futures Approved from CFTC appeared first on FXTimes.com - Daily Cryptocurrency and FX News.
Cryptovibes
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