Abu Dhabi-based Investment Firm MGX Invests $2B in Binance

TL;DR

• Crypto exchange Binance has received a $2 billion investment from GMX, a leading Abu Dhabi-based investment firm. 

• Binance is currently the largest crypto exchange, processing over $20 billion in daily trading volume.

MGX Invests $2B in Binance

Binance, the world’s leading cryptocurrency exchange by daily trading volume, announced on Wednesday that it had received a $2 billion investment from the Abu Dhabi-based investment firm GMX. 

According to Binance, this latest development is the first institutional placement in the exchange and the first digital asset-focused investment for MGX. The press release added that GMX made the investment in stablecoins, but didn’t specify which currency was used.

Binance has a huge presence in Abu Dhabi, employing around 1,000 people. Last year, the cryptocurrency exchange obtained a Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA) via its Dubai subsidiary, Binance FZE.

The Abu Dhabi Financial Services Regulatory Authority issued Binance's license, which allows it to offer various exchange and trading services in the United Arab Emirates. Binance’s BNB is up nearly 5% in the last 24 hours and now trades at $577 per coin.