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Abu Dhabi-backed investor buys into Binance with $2 bln of crypto

By Elizabeth Howcroft and Federico Maccioni

March 12, 202510:19 PM GMT+5Updated 2 months ago

Illustration shows smartphone with displayed Binance logo

Smartphone with displayed Binance logo and representation of cryptocurrencies are placed on a keyboard in this illustration taken, June 8, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Purchase Licensing Rights, opens new tab

Summary

Companies

Abu Dhabi's MGX to become minority shareholder in Binance

$2 bln investment was made in stablecoin, not dollars

Binance deepens ties with Abu Dhabi

DUBAI, March 12 (Reuters) - Abu Dhabi-backed investment group MGX has made a $2 billion cryptocurrency investment in Binance, the companies said on Wednesday, deepening ties between the world's largest crypto exchange and the United Arab Emirates.

The deal, which Binance called its first institutional investment, is one of the largest ever in the crypto industry. It will see MGX become a minority shareholder after making the investment in stablecoin - a type of cryptocurrency pegged to a fiat currency such as the dollar.