The Emirati fund MGX has invested $2 billion in Binance, the world's leading cryptocurrency exchange, achieving the "largest investment" to date in a company within this sector, both parties announced. "This transaction, the first institutional investment in Binance, marks a significant milestone in advancing the adoption of digital assets and strengthening the role of blockchain in global finance," a joint statement released on Wednesday evening stated.
MGX is a fund specializing in artificial intelligence (AI) and new technologies, led by the brother of the President of the United Arab Emirates, Sheikh Tahnoon Bin Zayed Al Nahyan. The acquisition of a minority stake in Binance marks its entry into the sector, "as part of a broader strategy to support the transformative impact of blockchain on society," according to the same source.
The fund is also involved in a vast AI infrastructure plan in the United States, Stargate, announced by President Donald Trump in January, and will participate in building a giant one-gigawatt data center in France, costing $50 billion.
