UAE-backed MGX Invests $2 billion on Binance
The world’s largest crypto exchange by trading volume announced that Abu Dhabi investment group MGX invested $2 billion in cryptocurrency to the business. Binance stated that this was the first time it had accepted institutional investment.
The amount of MGX’s stake, the stablecoins Binance received as part of the transaction, and the valuation at which the investment was made were all withheld by a representative for the cryptocurrency exchange.
“This investment by MGX is a significant milestone for the crypto industry,” said Richard Teng, the crypto exchange’s CEO, in the press release. The UAE capital, Abu Dhabi, is home to MGX’s headquarters.
Sheikh Tahnoon Bin Zayed Al Nahyan, a member of the Abu Dhabi royal family and one of the primary managers of the UAE’s sovereign wealth fund, serves as the chairman of the company, which focuses on AI and tech investments.
According to a statement from Ahmed Yahia, managing director and CEO of MGX, “the need for secure, compliant, and scalable blockchain infrastructure and solutions has never been greater as institutional adoption accelerates.”.
The UAE’s support of Binance solidifies the cryptocurrency exchange’s position in the Gulf and represents one of the biggest capital infusions into a business in the history of the sector. According to the press release, of Binance’s 5,000 employees, roughly 1,000 are based in the United Arab Emirates.
Teng, the company’s current CEO, was formerly an Abu Dhabi regulator, and Changpeng Zhao, its former CEO, still resides in the nation.
Although Binance has long avoided committing to a corporate headquarters, its executives have expressed satisfaction with the UAE’s crypto regulatory framework. The company has offices in Abu Dhabi and Dubai and organizes crypto conferences throughout the nation.
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