A company supported by Abu Dhabi invests two billion dollars in “Bennes”

“The group in which the group has invested in its value of $ 1 billion of cryptocurrencies, which provides the relations between” Bennes “and the UAE.

The deal, which Bings described as the first institutional investment in it, is one of the largest deals ever in the encrypted currency sector. MGX will become a minority shareholder after she invested in stable currencies, a type of encrypted currency tied in a paper currency like the dollar. A spokesman for “Bings” refrained from commenting on the “agreed management rights”, the size of the “MGX” share, or the stable currency that was made. MGX also declined to comment.

The UAE aims to become a global center for the digital assets that include the encrypted currency industry, and is trying to attract some of the largest companies in the sector to have a local headquarters within a plan to diversify its economy, and is making efforts to move forward in artificial intelligence, led by the G42 group backed by the state and the company “MGX” in which the state -owned sovereign wealth fund “Mubadala”, which is valued at $ 330 billion.

“The MGX investment in Bennes is manifested by our commitment to enhancing the inherent transformational capabilities of the blockchain technology in digital financing,” Ahmed Yahya, Managing Director and CEO of MGX, said in the statement. This step is the latest indication of the consolidation of “Bings” its relations with the Emirates, as the company has made statements that it is in the process of choosing a site for its headquarters. She said, in a statement, today, Wednesday, that it has a “strong presence” in the Emirates, where it hires about 1,000 employees out of 5,000.

Investing in “Bings” is the first financing of “MGX” in the field of encrypted currencies. MGX was founded almost a year ago, and at that time it said that its goal is to “accelerate the development and adoption of artificial intelligence and advanced technologies” through partnerships.

Richard Tang, CEO of Beans, was the former head of the Financial Services Authority in Abu Dhabi. “The MGX investment is an important achievement in the encrypted currency sector and Labinance. We together form the future of digital financing,” said Ting.

In recent years, “Bings” has sparked a lot of controversy, due to repeated accusations of participating in money laundering operations, among other things. Last August, the platform confiscated cryptocurrencies owned by the Palestinians on its platform at the request of the Israeli occupation army.

The co -founder of the Boksfol encryption platform, Ray Youssef, on “X”, tweeted that the platform seized the money from all Palestinians. He wrote: “Bennes seized money from all Palestinians at the request of the Israeli army. They refused to return the money. All appeals were rejected … I received this information from several sources. All Palestinians are affected, and given the way things are going, this will also happen with the Lebanese and Syrians.”

(Reuters, New Arab)