Phoenix Group of UAE to Launch an Initial Public Offering
Phoenix Group, founded in 2017 and currently specializing in blockchain and crypto solutions based in Abu Dhabi, announced its initiative to become a publicly traded company. The goal is to expand and enhance its product and service offerings.
Some of the services offered by Phoenix Group include cloud mining, data center hosting, Web3 game publishing and distribution, as well as crypto trading. It operates, expands, and runs crypto mining data centers across the UAE, Oman, the US, Canada, and the Commonwealth of Independent State countries, reaching a total capacity of 725MW. They are the exclusive distributor of MicroBT (mining equipment).
It was stated in the National News that the Phoenix Group would be the first privately owned crypto and blockchain organization to be a part of the Middle East stock market.
Bijan Alizadeh and Munaf Ali, Phoenix Group co-founders, stated in the article that the expected IPO will be a testament to the previous success, but a clear signal for current ambitions as well. The main objective is to participate in the creation of a more resilient, inclusive, and diversified global blockchain economy, with the IPO being the initial step towards the reaching of the goal.
The cryptocurrency industry is challenged by continuous price declines. The first and biggest cryptocurrency, Bitcoin, fell below $16,000 in November, a year after it reached its record of almost $68,000. A series of later events disturbed the industry and its success.
