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Binance Receives Largest Investment Ever Made in a Cryptocurrency Company

Agreement is the first institutional investment from MGX and involves US$ 2 billion in stablecoins

Binance, the largest cryptocurrency exchange in the world by trading volume, sold a minority stake to MGX, a state investment company from the United Arab Emirates, for US$ 2 billion (R$ 11.66 billion). The agreement was paid in an unspecified stablecoin, according to a statement from Binance on Wednesday (12). The exchange added that this is the first institutional investment from the Arab company — something endorsed by MGX's announcement — and the largest in the world in a cryptocurrency company. Binance did not disclose details about the size of the stake sold, the completion date of the agreement, or how it plans to use the funds.

MGX stated in its announcement that it is financing Stargate, an AI infrastructure project valued at US$ 500 billion (R$ 2.91 trillion) in the US, led by the developer of ChatGPT, OpenAI, and the Japanese technology investment giant, SoftBank Group.

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