Phoenix Group, the first local cryptocurrency company in the UAE to be listed on the Abu Dhabi Stock Exchange (ADX), recently announced the appointment of a new CEO and plans to achieve dual listing on Nasdaq in 2025 to further expand into the international market.
Phoenix Group was founded in 2017 and is headquartered in Abu Dhabi, UAE. It was listed on the Abu Dhabi Stock Exchange in October 2023, becoming the first private cryptocurrency and blockchain entity to be listed on the Middle East stock market. The new CEO Munaf Ali was the managing director of Phoenix Group and the co-founder of the company. He previously served as an executive at Citibank in London and the UAE and has more than 20 years of capital market experience.
Phoenix Group operates a total of 765 megawatts of mining facilities in the United States, Canada, CIS countries and the UAE. It is also the exclusive distributor of Bitcoin mining machine manufacturer MicroBT in the Gulf Cooperation Council (GCC), Egypt, Turkey and Kenya. It has now formed a diversified layout in the four major verticals of mining, hosting, trading and investment. (Arabian Business)