Crypto exchange Binance on Wednesday announced a landmark $2 billion investment from Abu Dhabi-based MGX, marking the first institutional investment in the company, the largest investment ever made into a cryptocurrency firm.
The deal apparently highlights Binance's growing influence in the global digital asset market and MGX's entry into the sector, reinforcing the UAE's role as a hub for innovative finance.
The investment secures MGX a minority stake in Binance, aligning with its broader mission to harness AI and blockchain technology.
The $2 billion investment, executed in stablecoin, surpasses all previous crypto company funding rounds and highlights a shift toward institutional backing in the industry.
MGX, a joint venture between sovereign wealth fund Mubadala and AI firm G42, aims to leverage this partnership to drive innovation at the intersection of AI, blockchain, and decentralized finance (DeFi).
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Ahmed Yahia, Managing Director & CEO of MGX, emphasized the strategic intent behind the investment, stating, "MGX's investment in Binance reflects our commitment to advancing blockchain's transformative potential for digital finance. As institutional adoption accelerates, the need for secure, compliant, and scalable blockchain infrastructure and solutions has never been greater."
This marks MGX's debut in the cryptocurrency space.
Binance CEO Richard Teng, who previously shaped one of the world's first crypto regulatory frameworks as CEO of the Abu Dhabi Financial Services Authority, hailed the deal as a milestone.
"This investment by MGX is a significant milestone for the crypto industry and for Binance. Together, we are shaping the future of digital finance. Our goal is to build a more inclusive and sustainable ecosystem, with a strong focus on compliance, security, and user protection," Teng said.
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