On Wednesday, crypto exchange leader Binance announced that MGX, an investment firm based in Abu Dhabi, has made a notable $2 billion investment in the exchange.
This investment signifies the inaugural institutional funding for Binance and represents MGX’s first commitment to digital assets, as highlighted in a recent statement. The investment was made in stablecoins, though the specific currency utilized was not disclosed.
Recognized as the world’s largest crypto exchange by trading volume, Binance boasts a daily trading volume exceeding $20 billion, according to CoinMarketCap data. Additionally, the exchange has established a significant presence in Abu Dhabi, employing approximately 1,000 individuals in the region.
Richard Teng, currently the CEO of Binance, previously held the position of head at the Abu Dhabi Financial Services Regulatory Authority.