Abu Dhabi-backed investment group MGX has made a $2 billion cryptocurrency investment in Binance, the companies said on Wednesday, deepening ties between the world's largest crypto exchange and the United Arab Emirates.

Binance, the world’s largest cryptocurrency exchange by trading volume, has sold a minority stake to United Arab Emirates state-owned investment firm MGX for $2 billion. The deal was paid in an unnamed stablecoin,

Binance said Abu Dhabi’s MGX has acquired a minority stake for $2 billion, the first institutional investment in the world’s largest cryptocurrency exchange.