Binance Receives $2,000,000,000 Investment From Abu Dhabi Investment Firm MGX
The world’s largest crypto alternate platform by quantity is receiving $2 billion value of investments from a state-owned Emirate funding agency centered on expertise and synthetic intelligence (AI).
In a brand new thread on the social media platform X, Binance announces that will probably be taking its first institutional funding on file – a staggering $2 billion value of stablecoins from the wealth fund MGX, the only largest funding in a crypto agency ever.
“MGX, an Abu Dhabi sovereign wealth fund, invests $2 billion in Binance for a minority stake. The transaction will probably be 100% in crypto (stablecoins), marking it the biggest funding transaction achieved in crypto thus far. That is additionally the primary institutional funding Binance has taken. Onwards… Construct!”
In a latest press launch, Binance notes that the funding was MGX’s first foray into digital property and that the agency obtained a minority stake within the alternate “as a part of a broader technique to assist blockchain’s transformative influence on society.”
The press launch notes that Binance CEO Richard Teng was once CEO of the Abu Dhabi Monetary Companies Authority, and “performed a key function in initiating one of many world’s first crypto regulatory frameworks.”
In a submit on the social media platform X, Binance co-founder Yi He said that Binance welcomes investments from sovereign wealth funds, however not monetary buyers.
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