The 13th largest sovereign wealth fund has made an investment in cryptocurrency exchange MidChains, a digital currency trading platform set to launch in late 2019 in Abu Dhabi.

According to an English language local news agency the exchange will be located in the international financial center and free zone Abu Dhabi Global Market (ADGM).

In an effort to explain cryptocurrency exchanges to mainstream media, Basil Al Askari, co-founder of MidChains have likened their exchange to traditional stock exchange but instead of trading equities they are trading cryptocurrencies.

He also adds that aside from facilitating cryptocurrency exchanges they perform custody activities which means they store, settle and clear cryptocurrency transactions on behalf of our clients.

MidChain was authorized by ADGM’s Financial Services Regulatory Authority to operate a cryptocurrency exchange which means once the exchange starts operating it would be a fully regulated platform.

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