Binance, the world’s largest crypto, receives two billion US dollars from an investor from Abu Dhabi and thus deepens relationships with the United Arab Emirates (VAE).
• United Arab Emirates strive for diversification of their economy
• MGX from Abu Dhabi creates cryptocurrency investment in Binance
• Binance has close relationships with VAE
MGX becomes a minority shareholder at Binance after the investment group of the crypto tour has given a massive financial injection. Stable coins worth $ 2 billion were used for the investment, Binance said in a press release. This is the greatest individual investment in a crypto company and the biggest investment that has ever been handled via stable coins.
Advertising
Over 500+ cryptos and 3,000 digital assets
Bitpanda is the Bafin-licensed crypto broker from Austria and the official crypto partner of FC Bayern Munich. Create your account with just a few clicks and benefit from 0% deposit and withdrawal fees.
MGX was founded in March 2024 and, according to “Reuters”, has the 330 billion billion US dollars heavy asset fund Mubadala from Abu Dhabi as a partner. Binance therefore speaks of his first institutional support.
Close relationships with VAE
With this business, the crypto tour also deepens its already close relationships with the United Arab Emirates and its capital Abu Dhabi. According to his own statements, Binance already has a “considerable presence” in the VAE and employs around 1,000 of his 5,000 people there.
This goes back to Richard Teng, who replaced Changpeng Zhao at the Binance leadership in November 2023 after “CZ” had to go to prison for violations of US money laundering rules. Under the leadership of Teng, who used to be head of the Financial Services Authority in Abu Dhabi, Binance has significantly expanded the connections to the VAE. Previously, Teng had played a key role in the introduction of one of the world’s first regulatory framework for cryptocurrencies in the VAE.
VAE push into the cryptos sector
The VAE want to diversify their economy and have set themselves the goal of becoming a global center for digital assets in this context. Therefore, they strive to attract large crypto companies like Binance.
“The investment of MGX in Binance reflects our commitment to advance the transformative potential of blockchain for digital finance. Since institutional acceptance increases, the need for safe, compliant and scalable blockchain infrastructure and solutions has never been as great as it is now. Together we are committed to building a more inclusive and robust digital financial ecosystem, commenting on the investment in Binance to build up a more inclusive and robust digital financial ecosystem.
Editor finance.net