 "World’s biggest crypto exchange Binance gets $2 bn investment from Abu Dhabi’s sovereign wealth fund MGX")
Emirati state-owned investment firm MGX has announced a $2 billion investment in Binance, marking the cryptocurrency exchange’s first-ever institutional funding and what the companies called the “single largest investment” ever paid in cryptocurrency.
In a joint statement on Thursday (March 13), MGX and Binance said the minority stake in the crypto exchange would be paid in stablecoins, making it the largest cryptocurrency-based investment in history.
Stablecoins are digital assets designed to maintain a fixed value, typically pegged to a fiat currency like the US dollar.
MGX expands into crypto
MGX an Abu Dhabi-backed investment firm launched last year, has primarily focused on artificial intelligence investments. In September, it partnered with BlackRock and Microsoft to establish a more than $30 billion AI fund, but this marks its first foray into the cryptocurrency and blockchain sectors.
“MGX’s investment in Binance reflects our commitment to advancing blockchain’s transformative potential for digital finance,” Ahmed Yahia, managing director and CEO of MGX, said in a statement.
The press release added that by partnering with Binance, MGX seeks to drive innovation at the intersection of AI, blockchain, and finance.
Neither company disclosed the exact size of the stake MGX acquired or which stablecoin would be used for the payment.
UAE’s crypto hub ambitions
The investment aligns with the United Arab Emirates’ broader push to establish itself as a global technology and crypto hub. Binance, the world’s largest cryptocurrency exchange, has expanded its presence in West Asia amid regulatory scrutiny and enforcement actions in other jurisdictions.
According to the press release, Binance employs around 1,000 of its 5,000 global workforce in the UAE. The exchange also claims to have over 260 million registered users worldwide and has surpassed $100 trillion in cumulative trading volume.
MGX’s investment further cements the UAE’s growing influence in digital finance, as the Gulf nation continues to position itself as a leading player in emerging financial technologies.
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