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6mo ago

Binance Secures Record $2 Billion Investment from Abu Dhabi's MGX

The deal, paid entirely in stablecoins, marks Binance's first institutional backing and the largest crypto investment to date.

Smartphone with displayed Binance logo and representation of cryptocurrencies are placed on a keyboard in this illustration taken, June 8, 2023. REUTERS/Dado Ruvic/Illustration/File Photo
Binance CEO Richard Teng.
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Overview

  • Abu Dhabi-based investment firm MGX has invested $2 billion in Binance, acquiring a minority stake in the world's largest cryptocurrency exchange.
  • The transaction, conducted entirely in stablecoins, represents the largest single investment in a crypto company and the first institutional funding for Binance.
  • MGX, a state-backed firm specializing in AI and tech, aims to leverage the partnership to drive innovation at the intersection of AI, blockchain, and decentralized finance.
  • Binance CEO Richard Teng highlighted the investment as a pivotal moment for the crypto industry, emphasizing compliance, security, and user protection as key priorities.
  • The deal reflects the UAE's ambitions to become a global hub for digital finance and technology, with Binance employing 20% of its workforce in the region.