Binance says Abu Dhabi's MGX invests $2 billion into crypto exchange

Cryptocurrency exchange Binance said on Wednesday Abu Dhabi investment group MGX had invested $2 billion worth of cryptocurrency into the company.

Binance said in a statement posted on its website that it was the first time it had taken institutional investment. The exchange said the investment was made in stablecoin - a type of cryptocurrency pegged to a fiat currency such as the dollar - without naming a particular coin.

"MGX’s investment in Binance reflects our commitment to advancing blockchain’s transformative potential for digital finance," said Ahmed Yahia, managing director and CEO of MGX, in the statement.