The Binance logo is displayed on a screen in San Anissaelo, California, June 6, 2023.
Justin Sullivan Gety pictures
UAE -owned investment company MGX has announced an investment of $ 2 billion in Binance, while it represents the first institutional investment on the Cryptocurrency Exchange and one of the largest ever in the encryption industry.
in Joint press releaseThe companies said that the minority share will pay for them in Stablecoins, which makes it “the largest investment ever” in the encrypted currency. Stablecoins is a type of digital asset designed to retain a fixed value, usually with the link of Fiat.
Abu Dhabi launched an investment company at MGX last year with a focus on Artificial Intelligence Technology. In September, MGX partnership With proverbs Blackrock and Microsoft To launch a box of artificial intelligence more than 30 billion dollars, but it has not yet been invested in the coded currency sectors and Blockcha sectors.
“The MGX investment in Binance reflects our commitment to developing Blockchain's transformational capabilities for digital financing,” Ahmed Yahya, the administrative director and executive director of MGX, said in a statement.
“Through partnership with the pioneering industry player, MGX aims to enable innovation at the AI intersection, Blockchain technology and financing,” the press statement added.
Binance and MGX immediately did not comment on the volume of the class or what will be used as Stablecoin for payment. Binance did not respond to investigating whether the deal was completed.
As part of the broader UAE's ambitions to become a The pioneer of global technologyIt was growing into Regional encryption center.
Binance, the largest exchange of cryptocurrencies in the world, The Middle East fingerprint has grown It also faced organizational obstacles and enforcement measures in other judicial states in recent years,
According to the press statement, Binance employs approximately 1,000 of about 5,000 global workforce in the United Arab Emirates. He adds that it now includes more than 260 million registered users and exceeds 100 trillion dollars of the cumulative trading volume.
Richard Ting, Binance CEO, is scheduled to participate in a plate session at CNBC's Christ Live in Singapore at 2:40 pm local time (2:40 am Et) on Thursday.
