Binance Secus ‘Larget Investment Ever’ in Crypto as Abu Dhabi’s MGX Pledges $ 2 Billion

Emiti State-Owned Investment Firm MGX Announced A $ 2 Billion Investment Into Binance, In What Marks The Cryptocurrency Exchange’s first institutional investment and the “Single Largest Investment” Investment “Investment” Crypto.

In a Joint press releaseThe firms said the minority stake would be paid for in stablecoins, Making it the “Larget Investment Ever” Paid in Cryptocurrency. Stablecoins are a type of digital asset designed to hold a constant value, typical with a peg to a fiat currency.

Abu dhabi launched the mgx investment firm last year with a focus on AI TechnologyIn September, MGX partnered With the likes of Blackrock and Microsoft To launch a more than $ 30 billion ai fund, but it has invest in the cryptocurrency industry and blockchain sectors.

“MGX’s Investment in Binance Reflects Our Commitment to Advanceing Blockchain’s Transformative Potential Potential for Digital Finance,” Ahmed Yahia, Managing Director and CEO at MGX, SAID in AT MGX, SAID in AT MGX.

The press release added that “by partnering with the Leading Industry Player, MGX AIMS to enable innovation at the interaction of Ai, Blockchain Technology and Finance.”

Binance and MGX did not immomelyly comment on the size of the stake or what stablecoin would be used for the payment. Binance has not responded to an inquiry on where the deal has been completed.

As part of the uae’s broader ambitions to become a Global Technology LeaderIt has been growing into a regional crypto hub,

Binance, the largest cryptocurrency exchange in the world, has Grown Its Middle East Footprint As it decided regulatory hurdles and enforcement measures in other jurisdictions in recent years,

According to the pressure release, binance employs approximately 1,000 of its roughly 5,000 global workforce in the uae. It adds that it now boasts over 260 million registered users and has surpassed $ 100 trillion in cumulative trading volume.

Binance CEO Richard Teng is Scheduled to take part in a panel session at CNBC’s Converge Live in Singapore at 2:40 PM Local Time (2:40 AM ET) on Thursday.