Investor supported Abu Dhabi in a $ 2 billion bitnik crypto

Author: Elizabeth Hovcroft and Federico Maccioni

Dubai (Reuters) -Abu Dhabi-supported Investment Group MGKs brought UruptoCurstiness in binians in Binanci, Wednesday Wednesday in the center, deepening the links between World CRIPTO CRIPTO and the United Arab Emirates and the United Arab Emirates.

The agreement, which the binance called its first institutional investment, is one of the greatest ever in the crypt industry. They will see MGKs to become a minority shareholder after investing in Stablecoin investment in Stablecoin – a type of cryptocurnent united into a fiat currency such as a dollar.

The bineness spokesman refused to comment on “agreed management rights” or the size of the MGX role or which StableCoin was used for the investment.

MGKS also refused to comment.

Binance, founded in 2017 years in China by billionaire Changpeng Zhao, has grown into the largest World Crupto Cripto team after tapping the demand for trading at Bitcoin and other cryptocernics.

Zhao is known as “CZ”, he pleaded guilty to violate American laws against money laundering and spent months in prison last year.

The exchange grew by its connections with the UAE under the height of CZ Richard Teng, which was previously the head of Abu Dhabi’s financial services.

Binance said that in the announcement on Wednesday had a “substantial print” in the UAE, employing about 1,000 of her 5,000 total staff there.

Investment in Binance is the first public mark in the CRIPTO MGK, which was founded almost a year ago “To accelerate the development and adoption of AI and advanced technologies” through partnerships, at the time.

The UAE aims to become a global digital property center, including CRIPTO and tries to attract some of the largest companies to build locally as part of the plan to diversify its economy.

“MGX investments in Binash reflects our commitment to the promotion of Blokchain’s transformative potential for digital finances,” said Ahmed Yahia, General Manager and CEO of MGKS, in the statement. Blockcain is a technology that supports cryptocurrency.

MGKS, which also invested in Openai and Elon Musk’s Xai, presiding the Sheikh Tamnon Bin Zaid al Nahian, the National Security Advisor to the UAE Sheikh Mohammed Bin Zayed. State state-owned Abu Dhabi 330 billion wealth fund Mubadala is a partner in MGKS.

The Cripto industry enjoyed reviving last year, a reversal after a series of collapses and scandals in 2022. She discovered a broad break and investors left great losses. The biggest cryptocurrenci Bitcoin hit new all-time heights after the election of US President Donald Trump, who took the pro-crypto apartment.