Binance secures ‘largest investment ever’ in crypto as Abu Dhabi’s MGX pledges $2 billion

The Binance logo is displayed on a screen in San Anselmo, California, June 6, 2023. Emirati state-owned investment firm MGX announced a $2 billion investment into Binance, in what marks the cryptocurrency exchange's first institutional investment and the "single largest investment" ever paird in crypto. In a joint press release, the firms said the minority stake would be paid for in stablecoins, making it the "largest investment ever" paid in cryptocurrency. Stablecoins are a type of digital asset designed to hold a constant value, typically with a peg to a fiat currency. Abu Dhabi launched the MGX investment firm last year with a focus on AI technology. In September, MGX partnered with the likes of BlackRock and Microsoft to launch a more than $30 billion AI fund, but it had yet to invest in the cryptocurrency industry and blockchain sectors. "MGX's investment in Binance reflects our commitment to advancing blockchain's transformative potential for digital finance," Ahmed Yahia, m ... Read full article.