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Binance, the world’s largest cryptocurrency trade, and MGX, the Abu Dhabi-based AI and superior know-how investor, have introduced a landmark $2 billion funding. This transaction, the primary institutional funding in Binance up to now, marks a big step in advancing digital asset adoption and reinforcing blockchain’s function in international finance. Additionally it is the single largest funding right into a crypto firm and the biggest funding ever paid in crypto (stablecoin).
This funding represents MGX’s first entry into the cryptocurrency and blockchain sectors, securing a minority stake in Binance as a part of a broader technique to help blockchain’s transformative affect on society. By partnering with the main {industry} participant, MGX goals to allow innovation on the intersection of AI, blockchain know-how and finance.
Binance has a considerable footprint within the UAE, a nation identified for its innovation, progressive cryptocurrency regulation, and readability in digital asset frameworks. At this time, Binance employs roughly ~1,000 of its ~5,000 international workforce within the UAE. Because the world’s most safe, licensed, and trusted cryptocurrency trade, Binance leads the {industry} by a big margin. It’s bigger than the subsequent a number of cryptocurrency exchanges mixed by buying and selling quantity, boasting over 260 million registered customers and surpassing $100 trillion in cumulative buying and selling quantity. This funding solidifies Binance’s place on the forefront of the crypto revolution whereas underscoring MGX’s dedication to enabling AI-powered blockchain options, decentralized finance (DeFi), and the tokenized digital economic system.
Ahmed Yahia, Managing Director & CEO, MGX, stated: “MGX’s funding in Binance displays our dedication to advancing blockchain’s transformative potential for digital finance. As institutional adoption accelerates, the necessity for safe, compliant, and scalable blockchain infrastructure and options has by no means been higher. Binance has lengthy been a driving power in cryptocurrency innovation, from trade know-how and tokenization to staking and funds. Collectively, we’re dedicated to constructing a extra inclusive and strong digital finance ecosystem.”
Binance CEO, Richard Teng, added, “This funding by MGX is a big milestone for the crypto {industry} and for Binance. Collectively, we’re shaping the way forward for digital finance. Our objective is to construct a extra inclusive and sustainable ecosystem, with a powerful deal with compliance, safety, and person safety. Binance stays dedicated to working with regulators worldwide to ascertain clear, accountable, and forward-thinking insurance policies for the crypto {industry}. Our ongoing investments in safety and compliance reinforce our mission to foster a safe and trusted digital monetary ecosystem.”
Richard Teng, who beforehand served as CEO of the globally acknowledged Abu Dhabi Monetary Companies Authority, performed a key function in initiating one of many world’s first crypto regulatory frameworks, making his management instrumental in Binance’s regulatory technique.
About MGX
MGX is a know-how funding firm targeted on accelerating the event and adoption of AI and superior applied sciences via world-leading partnerships within the United Arab Emirates and globally. MGX invests in sectors the place AI can ship worth and financial affect at scale, together with semiconductors, infrastructure, software program, tech-enabled companies, life sciences, and bodily AI.
About Binance
Binance is a number one international blockchain ecosystem behind the world’s largest cryptocurrency trade by buying and selling quantity and registered customers. Binance is trusted by greater than 260 million folks in 100+ international locations for its industry-leading safety, transparency, buying and selling engine velocity, protections for buyers, and unmatched portfolio of digital asset merchandise and choices from buying and selling and finance to schooling, analysis, social good, funds, institutional companies, and Web3 options. Binance is dedicated to constructing an inclusive crypto ecosystem to extend the freedom of cash and monetary entry for folks around the globe with crypto because the basic means. For extra info, go to:
https://www.binance.com.
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