Abu Dhabi’s MGX has made a landmark investment of $2 billion in Binance, marking the first institutional investment in the world’s largest cryptocurrency exchange. This significant move into the cryptocurrency sector comes as MGX seeks to diversify its portfolio, particularly into blockchain and related technologies.

According to Bloomberg, the investment represents MGX’s inaugural entry into crypto and was executed using an unnamed stablecoin, making it the largest investment ever recorded in a cryptocurrency company, according to statements from both Binance and MGX. This financial commitment reflects MGX’s broader strategy to fund artificial intelligence infrastructure, which includes supporting US President Donald Trump’s recently announced AI infrastructure plan.

Binance has successfully maintained its leading position in the global cryptocurrency market, despite facing regulatory challenges in the United States over the past few years. The exchange has a considerable presence in the UAE, employing around 1,000 individuals out of its total global workforce of 5 000. Richard Teng, who is now the CEO of Binance, previously held the position of CEO at the Abu Dhabi Financial Services Authority.