Key Points
- In a joint press release, the firms said the minority stake would be paid for in stablecoins, making it the biggest investment ever paid in cryptocurrency.
- A joint press release noted that “by partnering with the leading industry player, MGX aims to enable innovation at the intersection of AI, blockchain technology and finance.”
Emirati state -owned investment firm MGX marked the first institutional investment of the Cryptocurrency Exchange and the “single largest investment” pair in Crypto, which marks the first institutional investment and “single largest investment” of the Cryptocurrency Exchange in Crypto.
Companies announced in a joint press release that a minority stake would be paid with stablecoins, making it the “largest” cryptocurrency investment. A type of digital asset, Stabelcoin, is aimed at maintaining a constant value and is usually associated with a fiat currency. The MGX Investment Firm was established in Abu Dhabi last year with an emphasis on AI technology. In September, MGX participated in Blackrock’s choice
To launch Microsoft and AI funds of over 30 billion dollars, it had not yet invested in blockchain and cryptocurrency industries. “MGX’s investment in Binance reflects our commitment to further the transforming capacity of blockchain for digital finance,” MGX managing director and CEO Ahmed Yahia said in a statement. “MGX aims to enable innovation at the intersection of AI, blockchain technology and finance,” by partnering with the leading industry player, the press release continued. Neither Benance nor MGX immediately commented on the shape of the stake or stabechoin, which will be used for payment. An investigation about whether the transaction was concluded or not has not been responded to.
The UAE is developing a regional crypto hub as part of its major goals to become a global technology leader. In recent years, the largest cryptocurrency exchanges in the world have faced regulatory obstacles and enforcement measures in other courts. As a result, it has expanded its appearance in the Middle East. According to the press release, Benance has estimated