Crypto exchange Binance gets $2 billion investment from Abu Dhabi's MGX

FILE PHOTO: Smartphone with displayed Binance logo and representation of cryptocurrencies are placed on a keyboard in this illustration taken, June 8, 2023. REUTERS/Dado Ruvic/Illustration/File Photo

DUBAI (Reuters) -Abu Dhabi investment group MGX has invested $2 billion worth of cryptocurrency into Binance, in what the world's largest cryptocurrency exchange said on Wednesday was its first institutional investment.

Binance and MGX said in statements posted on their website that the investment was made in stablecoin - a type of cryptocurrency pegged to a fiat currency such as the dollar.