Cryptocurrency exchange Binance and Cuscapi Berhad have made an equity investment into MX Global, a Kuala Lumpur-based crypto exchange licensed by the Securities Commission (SC). The proceeds, according to a press release, will allow MX Global to build "brand awareness, hire more high-quality talent and develop new features within Malaysia's regulatory framework."
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Although no financial sides of the deal were disclosed, MX Global CEO, Dato' Fadzli Shah, said that the funding will not only support the company in achieving its goal but should also provide the"most capital-efficient opportunity" for it to align and compete with other global players in the industry. As part of the partnership, Binance plans to work with regional and local partners to drive further collaborations.
The move comes after Binance signed a memorandum of understanding with Gulf Energy Development Public, a Thai company that produces and sells electricity and steam. The company says the partnership will help Thailand to advance its development of cryptocurrency and blockchain infrastructure.
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