Crypto Adoption Explodes In UAE: Wealth Fund Mubadala Invests In Crypto

The mass adoption of crypto and their underlying tech, the blockchain, has been one of the most important goals that the crypto industry has set.

There have been a lot of moves made in this direction and they continue. The latest reports come from UAE.

Important crypto moves are made in UAE

CoinDesk notes that Mubadala Investment Company, one of United Arab Emirates’ sovereign wealth funds, is looking at investments in the ‘crypto ecosystem,’ CEO and Managing Director Khaldoon Al Mubarak said in an interview with CNBC.

“I think its (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.

The evolving regulatory environment will help crypto transition into something new, he added.

“Mubadala has AED 894 billion ($243 billion) in assets under management and is one of the largest wealth funds in UAE and the world,’ according to the reports from CoinDesk.

The Abu Dhabi-headquartered fund is investing in the ecosystem around crypto, be it blockchain, energy usage, Al Mubarak said, without giving further details.

Bitcoin is a global solution against the rising inflation

As we recently reported, inflation in the US managed to soar to 6.8% last month.

It’s important to note the fact that the jump in inflation reflects a mismatch between strong consumer demand and supply which is still hampered by transportation bottlenecks and a shortage of available workers.

As NPR.org notes, Cameron Mitchell’s wholesale costs for beef and seafood have climbed particularly high. Mitchell operates 60 restaurants in more than a dozen states.

But even produce now carries an extra delivery charge, to help pay the truck drivers. Mitchell is paying his servers, cooks, and dishwashers more as well.

Stay tuned for more news.

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I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.
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