Be a part of Our Telegram channel to remain updated on breaking information protection
Binance has secured the most important ever funding in a crypto firm, with Abu Dhabi-based AI investor MGX pumping $2 billion into the world’s largest alternate.
In a March 12 publish on X, Binance referred to as the deal its “first-ever” exterior funding and the 2 corporations mentioned in a joint press launch that the minority stake could be paid for in stablecoins, making it the biggest ever made utilizing crypto.
Binance’s native BNB token has surged 4% previously 24 hours to commerce at $577 as of two:20 a.m. EST, in response to CoinMarketCap.
Binance Funding Half Of MGX’s Focus On AI, Blockchain And Finance
The MGX funding agency was launched final yr, with a concentrate on supporting the intersection of synthetic intelligence (AI), blockchain and finance.
MGX, an Abu Dhabi sovereign wealth fund, invests $2 billion in @Binance for a minority stake. The transaction can be 100% in crypto (stablecoins), marking it the biggest funding transaction performed in crypto up to now.
That is additionally the primary institutional funding @Binance has…
— CZ 🔶 BNB (@cz_binance) March 12, 2025
In September, the agency partnered with BlackRock and Microsoft to launch a devoted AI fund that hopes to lift as much as $30 billion. MGX has additionally invested in OpenAI and Elon Musk’s xAI.
The funding in Binance is a part of MGX’s push to advance “blockchain’s transformative potential for digital finance,” mentioned CEO Ahmed Yahia.
Binance’s Rising UAE Footprint
The funding from MGX comes after Binance’s Dubai subsidiary, Binance FZE, obtained a Digital Asset Service Supplier (VASP) license from Dubai’s Digital Property Regulatory Authority (VARA).
Binance’s Abu Dhabi subsidiary was additionally granted permission to offer custody companies by the Abu Dhabi Monetary Providers Regulatory Authority.
Earlier than taking on from Changpeng Zhao, aka CZ, Binance CEO Richard Teng had beforehand headed the Abu Dhabi Monetary Providers Regulatory Authority.
Binance mentioned it has about 1,000 of its 5,000 international workforce based mostly within the UAE.
Associated Articles:
Finest Pockets – Diversify Your Crypto Portfolio
Simple to Use, Characteristic-Pushed Crypto Pockets
Get Early Entry to Upcoming Token ICOs
Multi-Chain, Multi-Pockets, Non-Custodial
Now On App Retailer, Google Play
Stake To Earn Native Token $BEST
250,000+ Month-to-month Energetic Customers
Be a part of Our Telegram channel to remain updated on breaking information protection
