Binance, the world's largest cryptocurrency exchange, has received a $2 billion investment from MGX, an Abu Dhabi-based AI and advanced technology investor. This marks the first institutional investment in Binance and is notable for being the largest single investment into a crypto company as well as the largest paid in cryptocurrency (stablecoin).
The investment signifies MGX's initial foray into the cryptocurrency and blockchain sectors, acquiring a minority stake in Binance. MGX aims to foster innovation at the intersection of AI, blockchain technology, and finance by partnering with Binance.
Binance maintains a significant presence in the UAE, employing around 1,000 of its global workforce of approximately 5,000 there. The company is recognized as one of the most secure and trusted cryptocurrency exchanges globally. It surpasses other exchanges in trading volume and boasts over 260 million registered users with more than $100 trillion in cumulative trading volume.
Ahmed Yahia, Managing Director & CEO of MGX, said: "MGX’s investment in Binance reflects our commitment to advancing blockchain’s transformative potential for digital finance. As institutional adoption accelerates, the need for secure, compliant, and scalable blockchain infrastructure and solutions has never been greater."
Richard Teng, CEO of Binance, commented on the partnership: "This investment by MGX is a significant milestone for the crypto industry and for Binance. Together, we are shaping the future of digital finance. Our goal is to build a more inclusive and sustainable ecosystem."
Teng's leadership has been instrumental in developing regulatory strategies for Binance due to his previous role as CEO of the Abu Dhabi Financial Services Authority.
MGX focuses on accelerating AI development through partnerships worldwide. Meanwhile, Binance continues to lead in security and transparency within the crypto industry.
For further information about their operations or services offered by these companies:
- Visit https://www.binance.com
- Contact MGX at communications@mgx.ae
- Contact Binance at PR@binance.com
Information from this article can be found here.