The Binance logo will appear on the San Anselmo, California screen on June 6, 2023.
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Emirati state-owned investment firm MGX has announced its first institutional investment in Cryptocurrency Exchange and its $2 billion Binance investment to date, representing Crypto’s “large investment” to date.
in Joint Press ReleaseThe company said minority shares will be paid in stable ways, and it has been the “largest investment ever” paid in cryptocurrency. Stablecoins are a kind of digital asset that is typically designed to hold constant value using PEG to Fiat currency.
Last year, Abu Dhabi launched an MGX investment company focusing on AI technology. In September, MGX partnered with similar ones Black Rock and Microsoft To launch an AI fund of over $30 billion, they had not yet invested in the cryptocurrency or blockchain sector.
“MGX’s investment in Binance reflects our commitment to moving forward with the potential for transforming blockchain digital finance,” said Ahmed Yahia, managing director and CEO of MGX in a statement.
“By partnering with players in major industry, MGX aims to enable innovation at the intersection of AI, blockchain technology and finance,” the press release added.
Binance and MGX did not immediately comment on the size of their stakes or the size of the stubcoin used to pay. Binance has not responded to inquiries regarding whether the transaction has been completed.
It has grown into a regional crypto hub as part of the UAE’s broader ambition to become a global technology leader.
Binance, the world’s largest cryptocurrency exchange, has grown its Middle Eastern footprint as it faced regulatory hurdles and enforcement measures in other jurisdictions in recent years.
According to a press release, Binance employs around 1,000 of the approximately 5,000 global workforce in the UAE. It currently boasts more than 260 million registered users, adding that it has exceeded the $100 trillion cumulative trading volume.
Binance CEO Richard Teng will be taking part in a panel session at CNBC’s Converge Live on Thursday at 2:40pm local time (2:40am).
