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 Alternate (ADX), is planning to dual-list on the Nasdaq in 2025 to broaden 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 Jap inventory change as the primary non-public cryptocurrency and blockchain group.
With government-supported applications making a flourishing digital economic system, the UAE is rapidly changing into a middle for cryptocurrency innovation and a fascinating vacation spot for crypto companies seeking to go worldwide.
Phoenix Group has developed right into a multibillion-dollar technological conglomerate and is at present the most important 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 units, that are items of {hardware} that remedy difficult mathematical puzzles to validate transactions on the Bitcoin (BTC) community.
Making the most of the rising marketplace for mining gear, the agency can also be the one distributor of MicroBT’s BTC mining units in international locations 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 traditional and digital assets are merging, and Phoenix Group is preparing for future success” he said. To additional broaden its worldwide attain, he additionally mentioned that, the corporate is aggressively pursuing twin itemizing on the Nasdaq to faucet into the worldwide capital markets and improve its worldwide presence.
Seyed Mohammad Alizadehfard, the previous CEO, will stay an advisor to the enterprise. “My experience in the cryptocurrency space and Munaf’s background in a senior institution will ensure that the company continues to be a leader in the industry,” he said.
The corporate’s twin itemizing on Nasdaq could also be essential in establishing the UAE as a significant 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.
