The world’s largest crypto exchange platform by volume is receiving $2 billion worth of investments from a state-owned Emirate investment firm focused on technology and artificial intelligence (AI).
In a new thread on the social media platform X, Binance announces that it will be taking its first institutional investment on record – a staggering $2 billion worth of stablecoins from the wealth fund MGX, the single largest investment in a crypto firm ever.
“MGX, an Abu Dhabi sovereign wealth fund, invests $2 billion in Binance for a minority stake. The transaction will be 100% in crypto (stablecoins), marking it the largest investment transaction done in crypto to date. This is also the first institutional investment Binance has taken. Onwards… Build!”
In a recent press release, Binance notes that the investment was MGX’s first foray into digital assets and that the firm obtained a minority stake in the exchange “as part of a broader strategy to support blockchain’s transformative impact on society.”
The press release notes that Binance CEO Richard Teng used to be CEO of the Abu Dhabi Financial Services Authority, and “played a key role in initiating one of the world’s first crypto regulatory frameworks.”
In a post on the social media platform X, Binance co-founder Yi He said that Binance welcomes investments from sovereign wealth funds, but not financial investors.
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