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