UAE’s first crypto-listed firm, Phoenix Group, plans NASDAQ dual-listing.
Phoenix Group, the primary cryptocurrency firm within the UAE to be listed on the Abu Dhabi Inventory Change (ADX), is planning to dual-list on the Nasdaq in 2025 to increase its worldwide footprint.
Based in 2017 and based mostly in Abu Dhabi, the corporate made historical past in October 2023 when it was registered on the Center Japanese inventory trade as the primary personal cryptocurrency and blockchain group.
With government-supported applications making a flourishing digital financial system, the UAE is rapidly changing into a middle for cryptocurrency innovation and a fascinating vacation spot for crypto companies trying to go worldwide.
Phoenix Group has developed right into a multibillion-dollar technological conglomerate and is presently the largest cryptocurrency mining operator within the MENA space.
Presently, the agency operates 765 MW of mining services in america, Canada, and the United Arab Emirates. An important element of Phoenix Group’s investing ventures is Bitcoin mining gadgets, that are items of {hardware} that resolve difficult mathematical puzzles to validate transactions on the Bitcoin (BTC) community.
Benefiting from the rising marketplace for mining gear, the agency can be the one distributor of MicroBT’s BTC mining gadgets in nations together with the GCC, Egypt, Turkey, and Kenya.
The corporate’s new CEO and co-founder, Munaf Ali, has greater than 20 years of capital markets experience. “The worlds of conventional and digital belongings are merging, and Phoenix Group is getting ready for future success” he acknowledged. To additional broaden its worldwide attain, he additionally stated that, the corporate is aggressively pursuing twin itemizing on the Nasdaq to faucet into the worldwide capital markets and enhance its worldwide presence.
Seyed Mohammad Alizadehfard, the previous CEO, will stay an advisor to the enterprise. “My expertise within the cryptocurrency area and Munaf’s background in a senior establishment will be sure that the corporate continues to be a frontrunner within the trade,” he acknowledged.
The corporate’s twin itemizing on Nasdaq could also be essential in establishing the UAE as a serious participant within the blockchain and cryptocurrency sectors globally, particularly if the UAE’s crypto scene picks up steam and Phoenix Group grows its presence overseas.
