Crypto Exchange Giant Binance said on Wednesday that Abu Dhabi-based investment company MGX invested $ 2 billion in the company.
The investment marks the first institutional location in the Exchange, and it is also the first digital asset -focused investment for MGX, according to a press release. The investment was made in stablecoins, noted the statement, though it did not specify which currency was used.
Binance is the largest crypto exchange at trading volume in the world with over $ 20 billion daily volume, Coinmarkatcap data shows. The trading platform already established a presence in Abu Dhabi and employed about 1,000 people in the city, according to the company.
Richard Teng, now CEO of Binance, previously led Abu Dhabi Financial Services Regulatory Authority.
