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.

The deal, which Binance called its first institutional investment, is one of the largest ever in the crypto industry

In a joint press release, the firms said the minority stake would be paid for in stablecoins, making it the biggest investment ever paid in cryptocurrency. A joint press release noted that "by partnering with the leading industry player,