Binance has just pulled off one of the most notable deals in the history of crypto. And it’s with one of Abu Dhabi’s largest investment funds.
What’s happening:
- Abu Dhabi based investment fund MGX has invested $2B USD into highly popular digital asset exchange Binance
Why it matters:
- The new deal between MGX and Binance represents the first institutional investment into Binance ever
Going deeper:
- MGX and Binance have publicly stated that they plan to closely collaborate on developing new technologies together as part of this new investment, with a specific focus on artificial intelligence and blockchain innovation
- MGX has been making a flurry of new investments lately, including just recently backing the ultra ambitious collaboration between OpenAI and SoftBank as well as Elon Musk’s artificial intelligence startup xAI
The intrigue:
- The investment from MGX into Binance was conducted entirely through stablecoin payments
