Crypto Mining Giant Phoenix Technology Explores IPO in Abu Dhabi
Summary: Early talks have begun with Phoenix Technology, a cryptocurrency mining giant in the UAE, to go public in Abu Dhabi. The UAE is positioning itself as a global cryptocurrency powerhouse, with pro-cryptocurrency regulations. The company is constructing a $2B crypto mining center in the UAE to cement its position.
According to sources, early talks regarding a potential initial public offering (IPO) in Abu Dhabi have begun with Phoenix Technology, a cryptocurrency mining giant located in the United Arab Emirates. According to Bloomberg, this may make Phoenix one of the first publicly listed crypto mining enterprises in the region.
Global Crypto Powerhouse
Phoenix Technology, a supplier of crypto mining hardware, is building the biggest mining facility in the Middle East. If all goes according to plan, the business may go public as soon as this year. While the IPO’s size and schedule have been discussed at length, insiders stress that these particulars remain open to change.
The timing of Phoenix’s listing coincides with a broader initiative by the UAE to position itself as a global cryptocurrency powerhouse. Pro-cryptocurrency regulations have attracted major players in the industry, such as Binance, OKX, and Bybit.
Better Than U.S
Users in the UAE believe that the country’s crypto-friendly business infrastructure is better than that of the US. Bloomberg claims that Phoenix manages more than 700 MW of power throughout the U.S, Europe, and the Middle East. In order to cement its position as a leading provider of mining gear and hosting services for extracted assets, the company is now constructing a $2B crypto mining center in the UAE.
Handpicked News: Martial Art Legend Bruce Lee’s Avatar to Give Lessons in Metaverse
Moreover, crypto businesses operating in the UAE have been receiving widespread government backing. To encourage widespread use and increase transaction volumes, it promotes the usage of digital currencies across a variety of industries. The United Arab Emirates (UAE) hopes to attract new investors with its amended restrictions on digital assets.