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Crypto exchange Binance gets $2 billion investment from Abu Dhabi's MGX

Economic Times · 2m

Abu Dhabi’s MGX investment group has invested $2 billion in cryptocurrency into Binance, marking the cryptocurrency exchange's first institutional investment. The investment was made in stablecoin, which is cryptocurrency pegged to a fiat currency. This move aligns with the UAE’s goal to become a global hub for digital assets and diversify its economy. MGX’s investment reflects its commitment to blockchain's financial potential, and Binance further strengthens its UAE ties, employing about 1,000 staff locally.