The Binance logo was shown on a screen in San Anselmo, California, June 6, 2023.
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Emirates of the MGX state investment company has announced investments of two billion dollars in Binance, in what marks the first institutional investment of Cryptocurrency Exchange and one of the largest ever made in the crypto industry.
In a A common statementThe companies said the minority share would be paid in Stablecoini, making it a “largest investment ever” paid in the Crypto Currency. Stablecoins are a type of digital assets designed to hold constant values, usually with PEG in the fiat currency.
Abu Dhabi launched an investment company MGX last year with focus on AI technology. In September, MGX in partnership with characters Black -haired and Microsoft To launch more than 30 billion AI Fund, but it still had to invest in the cryptocurrency industry and blockchain sectors.
“Investing MGX Binance reflects our dedication to the improvement of Blockchain’s transformation potential for digital finances,” said Ahmed Yahia, Director General and CEO at MGX.
A press release added that “a partnership with a leading player in the industry, MGX wants to enable innovation at the intersection of AI, Blockchain technology and finance.”
Binance and MGX did not immediately comment on the size of the roles or which stabiblecoin will be used to pay. Binance did not answer the investigation into whether the deal was completed.
As part of the wider ambitions of uae to become a Global technological leaderit grew in the UA Regional crypto center.
Binance, the largest exchange of cryptocurrencies in the world, has grown its print in the Middle East As he faced regulatory obstacles and implementation measures in other jurisdictions in recent years,
According to a press release, Binance employs approximately 1,000 of its approximately 5,000 global workforce in the UAE. It is added that there are now over 260 million registered users and has surpassed $ 100 trillion dollars of cumulative trading volume.
The executive director of Binancea Richard Teng should participate in the panel session on CNBC Converge Live -U Singapore at 2:40 pm in local time (02:40 et) on Thursday.
