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Binance says Abu Dhabi’s MGX invests $2bn into crypto exchange

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Photo: Reuters
Photo: Reuters
By Reuters

Cryptocurrency exchange Binance said on Wednesday Abu Dhabi investment group MGX had invested $2 billion worth of cryptocurrency into the company.

Binance said in a statement posted on its website that it was the first time it had taken institutional investment. The exchange said the investment was made in stablecoin - a type of cryptocurrency pegged to a fiat currency such as the dollar - without naming a particular coin.

“MGX’s investment in Binance reflects our commitment to advancing blockchain’s transformative potential for digital finance,” said Ahmed Yahia, managing director and CEO of MGX, in the statement.

uae MENA Cryptocurrency Abu Dhabi cryptocurrency exchange crypto exchange Binance cryptocurrency industry MGX

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