Binance secures $2 billion investment from Abu Dhabi’s MGX in landmark crypto deal
Quick Take
- The crypto exchange received a $2 billion investment from MGX, a technology investment firm in Abu Dhabi.
- MGX has also acquired a minority stake in Binance.
The crypto exchange Binance netted a $2 billion investment from MGX, a technology-focused investment firm in Abu Dhabi.
This marks MGX's first investment into a crypto and blockchain firm, with MGX also acquiring a minority stake in Binance, according to a release from Binance.
MGX's $2 billion investment in Binance also denotes the crypto exchange's first financing from an institutional investor. Through the investment and partnership, MGX and Binance aim to bolster AI, blockchain and financial innovation. The firms also conducted the investment via stablecoin, the release continues.
"MGX’s investment in Binance reflects our commitment to advancing blockchain’s transformative potential for digital finance," said MGX Managing Director and CEO Ahmed Yahia in a statement. "As institutional adoption accelerates, the need for secure, compliant, and scalable blockchain infrastructure and solutions has never been greater."
Based in the United Arab Emirates, MGX supports firms developing AI and other advanced technology.
Binance is the largest crypto exchange in the world. The firm drew in $651.5 billion in spot market volume in February — more than a third of the total volume for the month, according to The Block's Data Dashboard.
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