Abu Dhabi-based investment firm MGX has invested $2 billion in cryptocurrency exchange Binance, potentially marking one of the biggest funding deals in the industry’s history.
In a March 12 announcement, Binance said the transaction was the first institutional investment in the cryptocurrency exchange. Once finalized, the deal will be funded entirely through stablecoins.
Binance declined Cointelegraph’s request to disclose what stablecoin was used in the transaction.
The deal marks MGX’s first foray into the cryptocurrency sector. The investment company has carved out a niche in emerging technology, with a focus on data centers, clean energy and AI.
Source: Binance
By investing in Binance, MGX wants to “enable innovation at the intersection of AI, blockchain technology and finance,” the announcement said.
Binance is the world’s largest crypto exchange based on users and daily transaction volumes. The company claims to have more than 260 million registered users.
According