MGX from Abu Dhabi makes a standard bet at a value of $ 2 billion on Binance: Here is the reason
The state -owned MGX company in Abu Dhabi has achieved a $ 2 billion in investment in Binance, which represents the first institutional financing on the Cryptocurrency Stock Exchange and the largest investment ever in the fully paid coding in digital assets.
In a joint statementMGX and Binance emphasized that the minority share will be paid in Stablecoins, a category of cryptocurrencies designed to maintain a stable value by linking traditional Fiat currencies.
The investment highlights the strategic payment of MGX in the Blockchain space, after its focus on artificial intelligence (AI) and super technology sectors.
MGX was launched last year, has already falsified major partnerships, including $ 30 billion, with Blackrock and Microsoft.
However, this investment represents its first project in cryptocurrency industries and Blockchain.
“The MGX investment in Binance reflects our commitment to the progress of Blockchain’s transformational capabilities for digital financing,” said Ahmed Yahya, Managing Director and CEO of MGX.
The company emphasized that this partnership aims to enhance innovation at the intersection of artificial intelligence, Blockchain, and financial technology.
MGX or Binance did not reveal the exact size of the interest or the specific stablecooin used in the treatment.
Binance has not yet confirmed whether the deal has been completed, CNBC mentioned.
The United Arab Emirates has strongly placed itself as a pioneering player in the digital economy, as Abu Dhabi and Dubai appeared as major centers to innovate encryption and blocks.
Binance, the largest encrypted currency in the world, has expanded its great presence in the Middle East amid increasing organizational challenges in other regions.
According to Binance, there are about 1,000 of its 5,000 international employees in the United Arab Emirates.
The Stock Exchange also reported that 260 million registered users exceeded 100 trillion dollars of the cumulative trading volume.
MGX’s support for Binance signs grows institutional confidence in the long -term Crypto capabilities and is in line with the broader UAE strategy to become a leader in emerging financial technologies.
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