MGX, Abu Dhabi's sovereign wealth fund, invested $2 billion in Binance, marking the largest institutional investment in the cryptocurrency sector to date.
Binance recently stated that MGX, an Abu Dhabi-based sovereign wealth fund, has invested $2 billion in the exchange. Binance specified that the transaction was made using stablecoins.
This transaction represents the largest investment ever made in the crypto sector and the largest investment made with cryptocurrencies. The exchange did not disclose which specific coin was used, but Abu Dhabi has always favoured Tether-based products.
MGX Supports Binance with a Million Dollar Investment
The UAE is emerging as a global hub for cryptocurrencies, and Abu Dhabi is one of the areas attracting the most interest. MGX, an Abu Dhabi-based Web3 company already active in artificial intelligence, has taken a decisive step by investing in Binance. The former CEO of Binance, Changpeng Zhao, shared the news on X (formerly Twitter):
"MGX, an Abu Dhabi sovereign wealth fund, is investing $2 billion in Binance for a minority stake. The transaction will be entirely in crypto (stablecoin), marking the largest crypto investment ever made. This is also the first institutional investment Binance has received. Onward... Let's build!", CZ said.
MGX, an Abu Dhabi sovereign wealth fund, invests $2 billion in @Binance for a minority stake. The transaction will be 100% in crypto (stablecoins), marking it the largest investment transaction done in crypto to date.
This is also the first institutional investment @Binance has...
Binance, the world's largest cryptocurrency exchange, officially confirmed the news in a press release. MGX is not the first connection between Binance and Abu Dhabi. In the past, the exchange had attempted to establish its headquarters in the Gulf region.
However, in 2023, Binance's current CEO Richard Teng withdrew his application for a licence in the UAE, marking an apparent move away from that market. Subsequently, interest in the country has picked up again, with Binance confirming that a fifth of its staff work in the UAE.
Teng called the deal a "significant milestone" and stressed that Binance intends to work with regulators globally. MGX's investment in Binance could further strengthen economic ties with Abu Dhabi.
"We are excited to announce the first institutional investment in Binance by MGX. This is a significant step towards the adoption of digital assets and strengthening the role of blockchain in global finance. The $2 billion investment is also the largest ever in a crypto company and the largest ever paid entirely in cryptocurrencies."
We are excited to announce the first-ever institutional investment in Binance by @mgx_ai.
This is a significant step in advancing digital asset adoption and reinforcing blockchain's role in global finance.
Binance reiterated that the entire transaction was carried out using stablecoin. Although it did not specify which stablecoin was used, experts suggest it was Tether-based USDT.
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Binance recently stated that MGX, an Abu Dhabi-based sovereign wealth fund, has invested $2 billion in the exchange. Binance specified that the transaction was made using stablecoins.
This transaction represents the largest investment ever made in the crypto sector and the largest investment made with cryptocurrencies. The exchange did not disclose which specific coin was used, but Abu Dhabi has always favoured Tether-based products.
MGX Supports Binance with a Million Dollar Investment
The UAE is emerging as a global hub for cryptocurrencies, and Abu Dhabi is one of the areas attracting the most interest. MGX, an Abu Dhabi-based Web3 company already active in artificial intelligence, has taken a decisive step by investing in Binance. The former CEO of Binance, Changpeng Zhao, shared the news on X (formerly Twitter):
X
Binance, the world's largest cryptocurrency exchange, officially confirmed the news in a press release. MGX is not the first connection between Binance and Abu Dhabi. In the past, the exchange had attempted to establish its headquarters in the Gulf region.
However, in 2023, Binance's current CEO Richard Teng withdrew his application for a licence in the UAE, marking an apparent move away from that market. Subsequently, interest in the country has picked up again, with Binance confirming that a fifth of its staff work in the UAE.
Teng called the deal a "significant milestone" and stressed that Binance intends to work with regulators globally. MGX's investment in Binance could further strengthen economic ties with Abu Dhabi.
Binance announced the news on X, stating:
X
Binance reiterated that the entire transaction was carried out using stablecoin. Although it did not specify which stablecoin was used, experts suggest it was Tether-based USDT.
Binance is not the only crypto company to have attracted the attention of Abu Dhabi. In the past, the sovereign wealth fund Mubadala has invested USD436 million in the Bitcoin market. These investments demonstrate that the UAE is becoming the next big hub for cryptocurrency transactions, fostering widespread adoption and use of digital currencies.
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