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.

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,

In a major development, Abu Dhabi 's state-owned investment firm MGX has pumped a whopping $2 billion into Binance. The investment marks the first-ever institutional funding for the cryptocurrency exchange and is being touted as the "single largest investment" ever made in cryptocurrency.