The chief executive of a $243 billion sovereign wealth fund says his business plans to move into crypto and change the industry.
Khaldoon Khalifa Al Mubarak, CEO of the Mubadala Investment Company, tells CNBC in a new interview that he now thinks crypto “is real.”
“I think this is a business that had what, $200 billion worth of crypto value two years ago, and it’s $2.5 trillion today and growing.
So I think while many people are skeptics, I do not fall in that category. I think now I see it as real.”
Mubadala is a state-owned company based in the United Arab Emirates. The sovereign investment fund has $243 billion worth of assets under management across six continents.
Al Mubarak, who also is a member of the Executive Council of Abu Dhabi, says Mubadala can help change the crypto sector.
“Now, I think the regulatory environment – that isn’t there yet in its final form and will have to be there at some point.
I think we’ll come in, and we’ll help I think transition 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’s in blockchain technology, energy usage, etc.”
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxMubadala’s CEO tells CNBC he’s not a crypto skeptic pic.twitter.com/rfT5nLjqur
— CNBC Middle East (@CNBCMiddleEast) December 13, 2021
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