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.
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Binance Sells Minority Stake to Abu Dhabi’s MGX Sovereign Wealth Fund for $2 Billion
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.
Disclaimer
We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.
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