Abu Dhabi's MGX investment group has made a significant $2 billion investment in Binance, marking the first institutional investment in the world's leading cryptocurrency exchange. This minority stake was acquired using stablecoins, though the specific types were not disclosed. MGX, initially focused on artificial intelligence, is now venturing into the intersection of AI, blockchain technology, and finance. This investment aligns with Abu Dhabi's ambition to establish itself as a cryptocurrency hub and strengthens Binance's presence in the UAE, where it employs around 1,000 people and holds a local operating license.
