Binance, a leading cryptocurrency exchange, has secured a $2 billion investment from Abu Dhabi-based MGX, an AI and tech investor.
Details of Binance and MGX Deal
The MGX investment marks Binance’s first institutional investment and the largest single investment in a crypto firm to date. Richard Teng, Binance’s CEO, described the investment as a significant milestone for the crypto industry and Binance. He also stated that the investment demonstrates the exchange's commitment to advancing blockchain's transformative potential for digital finance. With growing institutional interest in crypto solutions, there is an increased need for secure and scalable blockchain infrastructure.
MGX Owns Minority Stake in Binance
According to the agreement terms, MGX now owns a minority stake in the crypto company. MGX has established itself in the UAE as a leading firm supporting companies specializing in AI and advanced technologies. The collaboration with Binance focuses on bolstering AI, blockchain, and financial innovation.
What's New with Binance?
The exchange continues its projects to strengthen its position in the crypto market, particularly amid regulatory challenges. Recently, Binance sought the community’s opinion on token listings and delistings. This move was aimed at democratizing the token listing process, enabling users to vote for or against tokens.
MGX's investment in Binance underscores the growing interest of institutional investors in the crypto industry. It opens new avenues for Binance's expansion in the UAE, potentially strengthening its international presence.
