Abu Dhabi MGX invests $2 billion in #Binance to acquire a minority stake

Brothers, the sovereign fund is here!

So I can understand why so much attention and good positioning was given to the sovereign fund at the #Binance Blockchain Week conference; there were already signs!

This is Binance's first institutional investment to date, and it is also the largest single investment in cryptocurrency-type companies, as well as the largest investment in cryptocurrency (stablecoins) ever;

This investment marks MGX's first foray into the cryptocurrency and blockchain space and is an important milestone for the crypto industry;

What is Abu Dhabi MGX—

MGX is a technology investment company established in March 2024, headquartered in the capital of the United Arab Emirates, Abu Dhabi.

It was co-founded by the Abu Dhabi sovereign wealth fund Mubadala Investment Company and AI giant G42, aiming to drive the development of artificial intelligence (AI), blockchain, semiconductors, and other advanced technologies through investments in collaboration with global partners.

The name MGX comes from "Mubadala + G42 = X," symbolizing its ambition to combine the resources and expertise of the two institutions to explore unknown territories.

MGX's mission is to accelerate the development and application of AI and advanced technologies, focusing on AI infrastructure, core technologies, and related industries. Its managed assets are expected to exceed $100 billion, primarily funded by the Abu Dhabi government, although it operates relatively independently. It is chaired by Sheikh Tahnoon bin Zayed Al Nahyan, Deputy National Security Advisor of the UAE, and the CEO is Ahmed Yahya Al Idrisi.

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