Abu Dhabi-based MGX has made history with a record $2 billion investment in Binance, marking a new era for digital assets.
Investment Details
MGX's investment secures a minority stake in Binance and represents the company's first foray into cryptocurrency and blockchain. Binance employs around 1,000 people in the UAE, known for its progressive cryptocurrency regulations.
Binance's Market Position
The investment reinforces Binance's dominant market position as the world's largest cryptocurrency exchange by trading volume, with over 260 million registered users and a trading volume exceeding $100 trillion. It operates in more than 100 countries and continues to lead the digital asset industry.
Perspectives on the Partnership
MGX CEO Ahmed Yahia emphasized the strategic importance of the investment for blockchain infrastructure development. Binance CEO Richard Teng highlighted the deal's significance for the crypto industry, aiming to build an inclusive and sustainable ecosystem.
This landmark investment highlights the growing acceptance of cryptocurrency and blockchain in the global financial system, enhancing the UAE's status as a global innovation hub in this field.
