The cryptocurrency exchange Binance announced on Wednesday that MGX, a technology investment company based in Abu Dhabi, has invested $2 billion in the exchange. This marks Binance’s first-ever institutional investment and indicates a rapidly growing interest and confidence from traditional institutional capital in the cryptocurrency industry.
According to the announcement, this $2 billion transaction is the largest single investment in a cryptocurrency company to date, and also the largest investment ever made using stablecoins. However, both parties did not disclose the type of stablecoin used.
Binance stated that this investment represents MGX’s first foray into the cryptocurrency and blockchain space, acquiring a minority stake in Binance as part of its long-term strategy to support the transformative impact of blockchain on society. “By collaborating with industry leaders, MGX aims to drive innovation at the intersection of AI, blockchain technology, and finance,” it added.
Ahmed Yahia, Managing Director and CEO of MGX, remarked:
Richard Teng, CEO of Binance, added that MGX’s investment is a significant milestone for both the cryptocurrency industry and Binance, stating, “Our goal is to build a more inclusive and sustainable ecosystem, focusing on compliance, security, and user protection.”
MGX is a technology investment company dedicated to accelerating the development and application of artificial intelligence and advanced technologies through partnerships with leading entities in the United Arab Emirates and globally. The company’s investment scope includes semiconductors, infrastructure, software, technology services, life sciences, and physical AI.
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