Binance lands record $2bn crypto investment from Abu Dhabi’s MGX
Cryptocurrency exchange Binance has secured a “landmark” $2 billion investment from MGX, an AI and advanced technology investor based in Abu Dhabi, to accelerate digital asset adoption and strengthen “blockchain’s role in global finance”, according to a joint statement.
Binance has bagged the “single largest investment into a crypto company”
The $2 billion will be paid in stablecoins, making it the largest investment ever paid in crypto and Binance’s first institutional investment. It also represents the “single largest investment into a crypto company”, the two companies say.
MGX, a state-owned investment firm founded last year, will also gain a minority stake in Binance, with the deal marking its debut in the cryptocurrency and blockchain sectors.
Ahmed Yahia, MGX’s managing director and CEO, says the investment in Binance “reflects our commitment to advancing blockchain’s transformative potential for digital finance”.
Binance is the world’s largest cryptocurrency exchange with over 260 million users and more than $100 trillion in cumulative trading volume. The company also has a “substantial footprint” in the UAE, employing 1,000 of its 5,000 global workforce in the country.
While Binance has not detailed its specific plans for the investment, CEO Richard Teng highlights the business’ “ongoing investments in security and compliance”.
Teng, who succeeded founder Changpeng Zhao as CEO in 2023, leveraged his experience from his prior role as CEO of the Abu Dhabi Financial Services Authority to lead the investment discussions.
