Binance Sells Minority Stake to Abu Dhabi’s MGX Sovereign Wealth Fund

Binance has sold off a minority stake to abu dhabi-spoiled MGX for $ 2 Billion (Roughly Rs. 17,403 Crore). MGX is a sovereign wealth management fund by sheikh tahnoon bin zayed al nahyan of the abu dhabi dhabi royal family. With a focus on Advanced Tech Investments, MGX has Funded A Bunch of Promising Ai Projects So far. Its purchase of a minority binance stake marks MGX’s First FORAY INTO Space.

Changpeng zhaoThe co-founder and the majority stakeholder of Binance Announced the development on X on Wednsday, March 12. “This is the first institutional investment binance has taken,” He posted. Zhao highlighted that MGX’s Financial Transaction will be facilitated using stablecoins, Making it the largest ever crypto transaction.

For MGX, The Investment is AIMED at Exploring The Amalgamation of Ai and Web3. Binance, in its announsement postClaimed that the wealth fund wishes to Dive Deeper INTO AI-Powered Blockchain Solutions, Decentralized Finance (Defi), and the larger tokenized digital economy.

“As Institutional Adoption Accelerates, The Need for Secure, Compliant, and Scalaable Blockchain Infrastructure and Solutions have been born green green,” Said Ahmed Yahia, Magx’s CEO and MAGX ‘. “MGX’s Investment in Binance Reflects Our Commitment to Advanceing Blockchain’s Transformative Potential Potential for Digital Finance.”

Rumors about binance seeking a buyer had started making rounds in the crypto industry back in February. Zhao Had dismissed The speech at the time and claimed that binance may overtime consider seling miners stakes in “Single digit percentage range.”

Binance has yet to disclose the percentage of company stake acquired by MGX in the Investment.

Commenting on the development, binance ceo richard teng said, “Our goal is to build a more inclusive and sustainable ecosystem, with a strong focus on compulsion, second, second.” TENG, who replaced zhao as the binance ceo in November 2023, previously served as the ceo of the abu dhabi financial services authority.