The Binance logo is displayed on a screen in San Anselmo, California, June 6, 2023.
Justin Sullivan | Getty images
The investment company belonging to the State Emirati MGX announced an investment of $ 2 billion in Binance, in what marks the first institutional investment of the cryptocurrency exchange and one of the most important ever in the cryptographic industry.
In a Joint press releaseCompanies have said that minority participation would be paid in Stablecoins, making it the “largest investment never” paid in cryptocurrency. Stablecoins are a type of digital asset designed to maintain constant value, generally with a PEG to a fiduciary currency.
Abu Dhabi launched the investment company MGX last year by focusing on AI technology. In September, MGX in partnership with tastes Blackrock And Microsoft To launch an AI fund of more than $ 30 billion, but he had not yet invested in the cryptocurrency industry and the blockchain sectors.
“MGX’s investment in Binance reflects our commitment to advance the blockchain transformer potential for digital finance,” said Ahmed Yahia, CEO and CEO of MGX, in a press release.
The press release added that “by associating with the main player in the industry, MGX aims to allow innovation at the intersection of AI, technology and finance of blockchain”.
Binance and MGX did not immediately comment on the size of the participation or the stablecoin would be used for payment. Binance did not respond to an investigation into the conclusion of the agreement.
As part of the broader ambitions of the United Arab Emirates to become a world technology leaderHe became a regional crypto center.
Binance, the largest cryptocurrency exchange in the world, has cultivated his imprint in the Middle East Because it has been facing regulatory obstacles and implementing measures in other jurisdictions in recent years,
According to the press release, Binance employs approximately 1,000 of its approximately 5,000 worldwater enrollment. He adds that it now has more than 260 million registered users and has exceeded 100 billions of dollars in cumulative negotiation volume.
The CEO of Binance, Richard Teng, should participate in a panel session at the CNBC converges live in Singapore at 2:40 p.m. local time (2:40 a.m.) Thursday.
