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,

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.

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,