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Backed by the UAE royal family and not short of money, why is Binance raising $2 billion?
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Abu Dhabi-based AI and advanced technology investment firm MGX has reached a $2 billion investment agreement, acquiring a minority stake in Binance. This marks the first institutional investment Binance has ever accepted and represents the largest single financial investment in cryptocurrency history. It may also be the largest investment ever made using cryptocurrency (stablecoins) as payment. Binance is truly formidable.
There is very little publicly available information about MGX on its official website. According to official records, MGX was established on January 22, 2024, as a technology investment company focused on accelerating the development and adoption of AI and advanced technologies by building world-leading partnerships in the UAE and globally. MGX specializes in investing in areas where AI can deliver large-scale value and economic impact, including semiconductors, infrastructure, software, technology-enabled services, life sciences, and physical AI. It just goes to show that money truly makes anything possible.
MGX is a thorough UAE sovereign investment institution, and behind it stands one of the richest families in the Middle East and even the entire planet. In addition, in the few official announcements of MGX, the cooperation between MGX and many giant players such as BlackRock, Microsoft, and GIP was also mentioned. More details about this financing are still to be disclosed, but according to Binance’s official announcement, Binance’s current CEO Richard Teng previously served as the CEO of the Abu Dhabi Financial Services Regulatory Authority, and he may have played a key role in this financing.
In short, with the completion of this round of financing, Binance's compliance process in the Middle East market will open a new chapter.Since the establishment of Binance in 2017, this startup born in the emerging market of cryptocurrency has become a giant that the mainstream world cannot ignore with the rapid development of the cryptocurrency market. An old era has quietly ended, but a new era has begun.
I’m absolutely shocked! $2 billion—that’s mind-blowing! Binance is incredibly powerful! MGX is insanely wealthy! I’m speechless, this is just unbelievable.
Crazy
OMG
They are rich
They gave too much money.
ROYAL FAMILY
Wealthy
money
