Binance gets a $2B investment from MGX in stablecoins. The biggest crypto company investment yet. CZ celebrates!
Big news for Binance! The crypto exchange just bagged a $2 billion investment from MGX, an investment firm from Abu Dhabi. This is Binance’s first institutional investment, and it’s a game-changer for the industry.
The deal was paid entirely in stablecoins, though the specific stablecoin wasn’t revealed. With this move, MGX gains a minority stake in Binance, making this the largest investment ever in a crypto company. Binance processes a whopping $20 billion in daily transactions, making it the king of the crypto world.
CZ (Changpeng Zhao), Binance’s founder, who also holds UAE citizenship, celebrated the news, calling it a “milestone”. According to MGX CEO Ahmed Yahia, the investment is part of their plan to accelerate blockchain and digital finance.
And here’s the kicker: About 20% of Binance’s global team is based in the UAE, and the region has been a stronghold for Binance despite regulatory challenges elsewhere.
This move further solidifies Binance’s grip on the global crypto market.
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