Abu Dhabi’s MGX backs Binance with $2B stablecoin investment

The deal is the first institutional investment in the crypto exchange’s eight-year history.

Abu Dhabi-based investment firm MGX has invested $2 billion in cryptocurrency exchange Binance, potentially marking one of the biggest funding deals in the industry’s history.

In a March 12 announcement, Binance said the transaction was the first institutional investment in the cryptocurrency exchange. Once finalized, the deal will be funded entirely through stablecoins.

Binance declined Cointelegraph’s request to disclose what stablecoin was used in the transaction.  

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