Binance exchange announced that it had recently acquired a $2 billion investment from investment company MGX located in Abu Dhabi.
The investment was paid fully in stablecoins and is Binance’s first institutional investment, as well as MGX’s first venture into the crypto industry.
In the press release, Binance CEO Richard Teng called the investment “a significant milestone for the crypto industry and for Binance.” MGX CEO Ahmed Yahia added, “MGX’s investment in Binance reflects our commitment to advancing blockchain’s transformative potential for digital finance.” The companies did not disclose which stablecoin was used in the transaction.
MGX will acquire a minority stake in Binance with this investment, making it the largest single investment ever in a cryptocurrency company.
Binance, known for its dominance in the crypto trading market, processes over $20 billion in daily transactions, according to CoinMarketCap.
Moreover, Changpeng “CZ” Zhao, Binance’s founder and former CEO, has UAE citizenship. Around 20% of Binance’s global workforce operates from the UAE. The exchange has been growing in the region despite regulatory challenges in other parts of the world.
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