Emirati state-owned investment company MGX announced a $2 billion investment in Binance, marking the first institutional investment in cryptocurrency exchanges and the “largest investment” ever made in history.

exist Joint press releaseThe companies said minority stakes will be paid in Stablecoins, making it the “largest investment ever” in cryptocurrencies. Stablecoins is a digital asset designed to hold constant value, usually with nails to Fiat currency.

Abu Dhabi founded MGX Investment Company last year AI technology. September, MGX cooperate picture Black Stone and Microsoft To launch more than $30 billion in AI funds, it has not yet invested in the cryptocurrency industry and blockchain sectors.

“MGX’s investment in Binance reflects our commitment to fostering blockchain’s potential for change in digital financing,” MGX Managing Director and CEO Ahmed Yahia said in a statement.

“By working with leading industry players, MGX aims to enable innovation at the intersection of artificial intelligence, blockchain technology and finance,” the release added.

Binance and MGX did not immediately comment on the size of the shares or would use Stablecoin for payments. Binance has not responded to inquiries about whether the transaction has been completed.

As part of the UAE’s broader ambition Global technology leaderit has grown into Regional encryption hub.

Binance is the world’s largest cryptocurrency exchange. Adult Middle East Footprints Due to regulatory barriers and law enforcement measures in other jurisdictions in recent years,

According to the press release, Binance has approximately 1,000 of the global workforce in the UAE. It now has more than 260 million registered users and has exceeded $100 trillion in cumulative transaction volume, it added.

Binance CEO Richard Teng plans to attend a panel meeting held in Singapore by CNBC’s Converge Live at 2:40 pm local time (2:40 AM ET).