The investment marks the first institutional placement in the exchange and it's also the first digital asset-focused investment for MGX
Abu Dhabi-based investment firm MGX has made a $2 billion investment in crypto exchange giant Binance, the exchange announced on Wednesday.
The investment marks the first institutional placement in the exchange and it's also the first digital asset-focused investment for MGX, according to a press release. The investment was made in stablecoins, the statement noted, though it did not specify which currency was used.
Binance is the largest crypto exchange by trading volume in the world with over $20 billion daily volume, CoinMarkatCap data shows. The trading platform already established a presence in Abu Dhabi, employing around 1,000 people in the city, according to the company.
The firm's Dubai subsidiary, Binance FZE, obtained a Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA) last year, which allows the company to offer a broad range of exchange and trading services across the entire United Arab Emirates. Binance's Abu Dhabi subsidiary was granted permission to provide custody services by the Abu Dhabi Financial Services Regulatory Authority.
Richard Teng, now the CEO of Binance, previously headed the Abu Dhabi Financial Services Regulatory Authority.
BNB, the native token of the Binance-adjacent BNB Chain, jumped 3% to $574 immediately on the news before giving back the gains and sliding to $550.
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