Abu Dhabi’s MGX Invests $2 Billion in Binance

Major Investment in Binance
Abu Dhabi’s MGX has announced a $2 billion investment in Binance, marking one of the largest deals ever within the digital asset industry and the first institutional investment into the world’s leading cryptocurrency exchange. This minority stake is to be funded through stablecoins, though specific details such as which stablecoins remain undisclosed.

MGX’s Strategic Shift
MGX, a fund focused on artificial intelligence established by Abu Dhabi, previously showed no interest in cryptocurrency, but now aims to innovate at the intersection of AI, blockchain technology, and finance.

Binance’s Position in the UAE
Binance, which processes about $20 billion in daily transactions, has a considerable presence in the UAE, employing around 1,000 people and possessing a local operating license.