Abu Dhabi-based investment firm MGX has made a landmark $2 billion investment in #Binance , marking the first institutional investment in the world's largest cryptocurrency exchange. The transaction was conducted entirely in #StablecoinSurge stablecoins, though the specific type was not disclosed.
REUTERS.COM
This investment aligns with the United Arab Emirates' strategic goal to become a global center for digital assets and the crypto industry, as part of its economic diversification efforts. MGX's CEO, Ahmed Yahia, emphasized the firm's commitment to advancing blockchain's transformative potential for digital finance.
REUTERS.COM
Binance has a substantial presence in the UAE, employing around 1,000 of its 5,000 global staff there. The company's CEO, Richard Teng, previously headed Abu Dhabi's Financial Services Regulatory Authority, highlighting the strong ties between Binance and the UAE.
REUTERS.COM
Following the announcement, Binance's native token, #BNBChainMeme BNB, experienced a brief surge of 3% before stabilizing around $550.
COINDESK.COM
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