Abu Dhabi-based technology investment company MGX is to invest $2 billion in Binance, marking the first institutional investment in the world’s largest cryptocurrency exchange.
MGX has acquired a minority stake in Binance, with the deal the “single largest investment into a crypto company and the largest investment ever paid in crypto (stablecoin)”, the companies said on Thursday.
The investment marks MGX's entry into the cryptocurrency and blockchain sectors and is aimed at boosting the adoption of digital assets.
“MGX’s investment in Binance reflects our commitment to advancing blockchain’s transformative potential for digital finance,” Ahmed Yahia, managing director and chief executive of MGX, said.
“As institutional adoption accelerates, the need for secure, compliant, and scalable blockchain infrastructure and solutions has never been greater. Together, we are committed to building a more inclusive and robust digital finance ecosystem.”
The UAE is taking steps to boost the adoption of digital assets and has launched several initiatives to support the sector.
Abu Dhabi's ADGM has attracted global cryptocurrency players such as eToro and M2, allowing these companies to operate as a brokers for securities, derivatives and crypto assets, and platforms for institutional and retail investors to buy, sell and hold custody of virtual assets.
Dubai also adopted a law in 2022 to regulate virtual assets to support investors and streamline the offerings from exchanges. The emirate also set up Vara under the Dubai Virtual Asset Regulation Law, to create an advanced legal framework to protect investors, provide international standards for the virtual asset industry management and enable responsible business growth.
The UAE Central Bank also issued a regulation on stablecoins in June that will only allow businesses and sellers in the Emirates to accept cryptocurrencies for goods and services if they are dirham-backed stablecoins.
Crypto activity in the UAE, which is the Mena region's third-largest crypto economy, is also growing across all transaction size brackets, signalling a more balanced adoption landscape, blockchain company Chainalysis said in a report in September.
Large institutional (more than $10 million), institutional ($1 million to $10 million), and professional ($10,000 to $1 million) sized crypto transfers in the UAE between July 2023 and June last year posted annual growth of 20.13 per cent, 55.07 per cent and 46.3 per cent, respectively, it said.
Binance has more than 260 million registered users and more than $100 trillion in cumulative trading volume globally. It also has a substantial footprint in the UAE, employing about 1,000 of its 5,000 global workforce in the country.
The company's chief executive Richard Teng also previously served as the chief executive of the Abu Dhabi Financial Services Authority. He joined the entity in 2015 and helped shape frameworks for crypto and blockchain adoption in the UAE.
“Binance remains committed to working with regulators worldwide to establish transparent, responsible and forward-thinking policies for the crypto industry,” Mr Teng said.
“Our ongoing investments in security and compliance reinforce our mission to foster a secure and trusted digital financial ecosystem.”
Established in March last year, MGX aims to help the development of artificial intelligence and other advanced technology. It focuses on three core areas – AI infrastructure (data centres and connectivity), semiconductors and core technology, and applications such as AI models, software, data, life sciences and robotics.
Abu Dhabi's sovereign fund Mubadala Investment Company and AI and cloud computing firm G42 are partners.
In September, MGX also teamed up with BlackRock, Microsoft and Global Infrastructure Partners to launch an AI infrastructure investment partnership that aims to gather up to $100 billion.
Initially, the Global AI Infrastructure Investment Partnership plans to secure $30 billion in private equity from investors, asset owners and companies, which will grow to $100 billion in total investment with the inclusion of debt financing, the companies said at the time.
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- infant formulas and follow-on milks, health and slimming products such as powdered or fortified meal and dish substitutes,
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1. End poverty in all its forms everywhere
2. End hunger, achieve food security and improved nutrition and promote sustainable agriculture
3. Ensure healthy lives and promote well-being for all at all ages
4. Ensure inclusive and equitable quality education and promote lifelong learning opportunities for all
5. Achieve gender equality and empower all women and girls
6. Ensure availability and sustainable management of water and sanitation for all
7. Ensure access to affordable, reliable, sustainable and modern energy for all
8. Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all
9. Build resilient infrastructure, promote inclusive and sustainable industrialisation and foster innovation
10. Reduce inequality within and among countries
11. Make cities and human settlements inclusive, safe, resilient and sustainable
12. Ensure sustainable consumption and production patterns
13. Take urgent action to combat climate change and its effects
14. Conserve and sustainably use the oceans, seas and marine resources for sustainable development
15. Protect, restore and promote sustainable use of terrestrial ecosystems, sustainably manage forests, combat desertification, and halt and reverse land degradation and halt biodiversity loss
16. Promote peaceful and inclusive societies for sustainable development, provide access to justice for all and build effective, accountable and inclusive institutions at all levels
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Favourite Meal: Chicken Caesar salad
Hobbies: Travelling, going to the gym
Inspiration: Father, who was a captain in the UAE army
Favourite read: Rich Dad Poor Dad by Robert Kiyosaki and Sharon Lechter
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- Raed Mozafar Abu Al Saoud, Minister of Water and Irrigation
- Dr Bassam Samir Al Talhouni, Minister of Justice
- Majd Mohamed Shoueikeh, State Minister of Development of Foundation Performance
- Azmi Mahmud Mohafaza, Minister of Education and Minister of Higher Education and Scientific Research
- Falah Abdalla Al Ammoush, Minister of Public Works and Housing
- Basma Moussa Ishakat, Minister of Social Development
- Dr Ghazi Monawar Al Zein, Minister of Health
- Ibrahim Sobhi Alshahahede, Minister of Agriculture and Minister of Environment
- Dr Mohamed Suleiman Aburamman, Minister of Culture and Minister of Youth
Out
- Dr Adel Issa Al Tawissi, Minister of High Education and Scientific Research
- Hala Noaman “Basiso Lattouf”, Minister of Social Development
- Dr Mahmud Yassin Al Sheyab, Minister of Health
- Yahya Moussa Kasbi, Minister of Public Works and Housing
- Nayef Hamidi Al Fayez, Minister of Environment
- Majd Mohamed Shoueika, Minister of Public Sector Development
- Khalid Moussa Al Huneifat, Minister of Agriculture
- Dr Awad Abu Jarad Al Mushakiba, Minister of Justice
- Mounir Moussa Ouwais, Minister of Water and Agriculture
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