Key takeout
- Abu Dhabi's MGX invested $2 billion in binance, marking the largest crypto company's investment in history.
- With this investment, MGX will give minority shareholders of Venance to support blockchain technology development.
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Binance announced Wednesday it has secured $2 billion from MGX, an Abu Dhabi-based investment company that, together with Openai, Softbank Group and Oracle, supported Trump's $100 billion AI plan as part of its Stargate initiative.
The funds are the largest crypto company investment to date, and according to Binance, it is the first institutional investment in a major crypto exchange.
This investment, made at Stablecoin, gives MGX a minority interest in Binance as part of its strategy to support blockchain technology development. Binance currently employs around 1,000 of the 5,000 global workforce in the UAE.
Discussing the move, MGX Managing Director and CEO Ahmed Yahia said the investment demonstrates MGX's commitment to actively support it. Development and implementation of blockchain technology. The company believes in its blockchain technology I have the power We will fundamentally change digital finance.
“As institutional adoption accelerates, there is never a need for a secure, compliant, scalable blockchain infrastructure and solutions bigYahia said. “Binance has long been the driving force behind cryptocurrency innovation, from exchange technology and tokenization to staking and payments.”
MGX's $2 billion investment is a “significant milestone for the crypto industry and Binance,” according to Binance CEO Richard Teng.
“Our goal is to create a more inclusive and sustainable ecosystem with a focus on compliance, security and user protection. Binance continues to work with regulators around the world to establish transparent, responsible, and positive policies for the crypto industry,” said Teng.
YZI Labs' AI Focus
The announcement comes as Binance Labs, now rebranded as YZI Labs, expands its focus to include artificial intelligence (AI) along with traditional blockchain and Web3 investments.
Earlier this month, YZI Labs announced its investment in Tensorplex Labs, a decentralized pioneer. ai, aiming Accelerate innovation at the intersection of blockchain and AI. Last month, the Entities We made a strategic investment VANA is a cryptographic AI startup focusing on data ownership and decentralization. Binance co-founder CZ has joined Vana as an advisor.
MGX It's mainly focused About AI and Advanced Technologies. The company has it I'm actively investing AI-led companies including Openai and Elon Musk's xai, and DataBricks.
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