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MGX Invests $2 Billion in Binance, the Company's First Institutional Deal
Cryptocurrency exchange Binance has announced that it has raised $2 billion in investment from MGX, a company specializing in artificial intelligence and advanced technologies, Binance's press service reported.
“This agreement marks the first institutional investment in Binance, ushering in a new era of development for the entire crypto industry,” the statement said.
It is also noted that the agreement is fully paid in cryptocurrency (stablecoins).
MGX Takes Minority Stake in Binance, Expanding Its Digital Asset Activity
“MGX's investment in Binance is a support for the future of digital finance. As institutional interest in cryptocurrencies continues to grow, the need for secure, regulated, and scalable infrastructure is becoming increasingly clear. Binance sets the standard in these areas. Together, we will contribute to the development of the system, EO MGX.
Gemini Introduces Dollar Transfers for Institutions in Europe
Cryptocurrency exchange Gemini has announced the launch of USD payments for institutional users in the UK and Switzerland, Cointelegraph reports.
“We plan to expand support for dollar payments to our EU institutional clients in the coming weeks,” said Gemini’s head of Europe, Mark Jennings.
The service will also be available to exchange users in Gibraltar, Jersey, Guernsey, the Isle of Man and some countries in the European Economic Area.
Gemini has partnered with Liechtenstein-based Bank Frick to integrate USD payments. Exchange customers will be able to deposit and withdraw dollars commission-free using instant transfers via xPulse.
The feature will allow investors to directly trade cryptocurrency in dollars, avoiding conversion to euros or pounds sterling. Jennings noted that the use of dollar payments will simplify the work of institutional clients in the crypto market.
Gemini's new features will be available directly on the platform through its own entities that have received Electronic Money Institution (EMI) licenses. This will allow the exchange to do without third-party payment management partners.
Canaan Raises $200M to Expand Mining in North America
Bitcoin mining equipment maker Canaan Inc has raised up to $200 million in funding. The company received the funding through the issuance of Series A-1 preferred shares.
The firm's representatives confirmed that they have already received $100 million from an institutional investor following the first tranche. The second half of the amount is expected to be transferred after a number of conditions are met.
The funding will support research and development, expansion of production capacity, and development of digital infrastructure for mining in North America. According to Canaan CEO Nangeng Zhang, the company aims to reach a hashrate of 10 EH/s by mid-2025.
He noted that such actions underscore the company's and its investors' confidence in the long-term prospects of Bitcoin.
This round follows a series of preliminary capital raising agreements. In June 2024, Canaan received two loans worth $22.3 million, secured by 530 bitcoin. In October, the company completed a preferred stock offering, in which it raised another $50 million.
Since November 2023, Canaan has raised $125 million in total funding. Last November, the company also entered into an agreement to sell $30 million in Series A-1 shares to fund the deployment of infrastructure and mining equipment in the United States and Canada.
Bitcoin Dominance Reaches New High in Current Cycle — Matrixport
Bitcoin's dominance in the crypto market has reached a new cyclical maximum, surpassing its previous peak, according to analysts at Matrixport.
Experts added that this suggests that the altokine rally was short-lived and lasted only a month, from Trump's election as US president in November until early December, when a stronger-than-expected US jobs report shifted market attention to a more hawkish stance by the Federal Reserve.
“Experienced traders have moved from altcoins to Bitcoin, which, despite the decline, has significantly outperformed the overall altcoin market. Hopes are now focused on restoring liquidity for further growth in the first cryptocurrency,” the analysts said.
They added that given the likelihood of the Fed maintaining tight monetary policy, the next leg of the rally may require more patience.
Bitcoin dominance is around 62%. At the time of writing, the price of Bitcoin is around $82,700.
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