Binance Sells Minority Stake to Abu Dhabi’s MGX Sovereign Wealth Fund for $2 Billion

[ad_1]

Binance has sold a minority stake to MGX, an Abu Dhabi-based sovereign wealth fund, for $2 billion. MGX, led by Sheikh Tahnoon bin Zayed Al Nahyan, is known for its investments in advanced technology and AI projects. This investment marks MGX’s initial entry into the Web3 sector. Changpeng Zhao, Binance’s co-founder and majority stakeholder, announced the deal on X. The partnership could bring Binance significant resources and strategic advantages within the Middle East and wider global markets, facilitating further growth and expansion in the evolving Web3 landscape.

[ad_2]

Source link