UAE Phoenix Group crypto self-mining business witnesses 480% YOY growth  

UAE Phoenix Group crypto self-mining business witnesses 480% YOY growth  

Phoenix Group UAE a multi-billion-dollar tech powerhouse headquartered in the UAE focusing on blockchain, crypto, and tech revolution and boasting a 725MW mining operation, announced exceptional financial performance for 2023. Fueled by a robust vision for the future, the Group saw remarkable achievements across core business verticals, making significant strides in 2023 capped off with a landmark IPO on the Abu Dhabi Stock Exchange.

As per a press release, the company’s core hosting and crypto self-mining businesses witnessed substantial growth year on year growth of 119% and 480%, respectively. This success stemmed from strategic partnerships with high-net-worth individuals (HNWIs), power supply companies, and mining equipment manufacturers, solidifying a foundation for continued growth in the coming years.

In addtion the company witnessed 50% growth in net income year on year reflecting the overall financial strength of Phoenix. Impressive revenue growth in hosting and crypto self-mining, coupled with strong performance from digital asset investments and associate investee companies, fueled this remarkable result.

“Our success has been impressive, but 2024 promises to be truly transformative. With ambitious plans and an unwavering commitment to excellence, the group is poised to redefine success, not just in the UAE, but on a global scale”, said Seyed Mohammad Alizadehfard (Bijan), Co Founder and Group CEO.

Phoenix recently announced the acquisition valued at more than half a million dollars ($577,074) in one of its related parties, Phoenix Technology Solutions B.V. based out of the Netherlands.

UAE Phoenix Group  grows exposure in Europe with $577,074 acquisition

UAE Phoenix Group  grows exposure in Europe with $577,074 acquisition

UAE Phoenix Group, a Web3 holding group, which has major investments in crypto mining, blockchain projects, and a UAE crypto exchange M2 has confirmed its acquisition valued at more than half a million dollars ($577,074) in one of its related parties, Phoenix Technology Solutions B.V. based out of the Netherlands.

As per Board decision documents, the Phoenix Group board believes that the acquisition will increase the company’s and group’s visibility in the European market and serve as a direct marketing medium in European market.

The acquired private company Phoenix Technology Solutions B.V. is located in Amsterdam and is active in the wholesale industry in computers, peripherals and software.

Phoenix Group has been investing heavily in several sectors over the past year. This is not the first half a billion investment, earlier this year UAE Phoenix Blockchain, crypto mining group purchased a total of $567 million of Bitcoin mining Hardware.

Phoenix Group PLC, also strategically invested in Lyvely, a UAE-based platform poised to reshape how creators and consumers interact and monetize online.

In November 2023 Phoenix Group, carried out the first crypto mining entity IPO in listing on the Abu Dhabi Stock Exchange.

Since then it has invested in M2 the first locally launched licensed crypto exchange out of Abu Dhabi UAE.

Phoenix Group has expanded its market presence with a crypto mining facility in Oman, and now seems to be expanding its presence and exposure in Europe.

Myco blockchain video streaming platform to cover Pakistan Cricket Season

Myco blockchain video streaming platform to cover Pakistan Cricket Season

Myco, a blockchain video streaming platform with a major footprint in MENA has secured the digital streaming rights for HBL PSL Season 9 & 10. The 2024 Pakistan Super League (PSL 9) will span 31 days, starting on February 17 and concluding on March 18, with a total of 34 matches scheduled across four venues: Karachi (11 matches), Lahore and Rawalpindi (9 matches each), and Multan (5 matches).

As per the press release, this milestone not only reshapes the landscape of digital sports streaming but promises an unparalleled cricket viewing experience for fans in Pakistan.

Cricket enthusiasts can now enjoy the thrilling HBL PSL matches in HD for free on myco. The Blockchain enabled platform’s unique “Watch & Earn” model elevates the viewer experience by allowing them not only to enjoy the game but also empowers viewers to earn based on their watch time. Engaged viewers become stakeholders in the advertising revenues generated by the platform, delivering an interactive and rewarding experience to sports viewing.

The integration with myco’s payment partner, Simpaisa, enhances the unique “Watch & Earn” model where users can easily withdraw their earnings directly into 35+ bank accounts and all major digital wallets in Pakistan, adding a seamless and convenient aspect to the rewarding experience.

The success trajectory of myco gained momentum during the ICC World Cup 2023, where it emerged as the preferred choice for cricket enthusiasts. Trending at the top positions on both app stores and play stores, myco distributed over 20 million PKR worth of advertising revenue to more than 250,000 highly engaged viewers.

The platform continues with its streaming of various cricket leagues in Pakistan & globally, including ILT20, SAT20, and SPL. Myco boasts a rich history of collaborations, having partnered with PCB, English Premier League, and the Emirates Cricket Board, as well as major squash, tennis, and racing festivals worldwide.

With a global presence spanning 204 countries and a user base exceeding 6.5 million registered users, myco offers an extensive library comprising over 500,000 content items, ranging from documentaries and films to a diverse array of creator and influencer partnerships, alongside live sports.

Somair Rizvi, Co-Founder & COO myco, expressed his enthusiasm, stating, “We are committed to bringing premium sporting events and content libraries to our Pakistani viewers. This move strengthens our dedication to providing top-notch quality entertainment while empowering our viewers to have a sustainable stake within the content economy both from a financial and creative standpoint.”

Recently myco Blockchain video streaming application disrupted the sports streaming space by become the first to offer exclusive live sports in a watch&earn model with participation from top global brands as advertising partners.

Onramp Money and Metamask offer crypto purchases in UAE currency

Onramp Money and Metamask offer crypto purchases in UAE currency

In a recent X statement, Onramp Money a provider of fiat-to-crypto onramp solutions, offering a seamless and secure way for users to trade cryptocurrencies using their fiat currencies, and self-custodial crypto wallet Metamask announced that users in the UAE can buy 300 + digital assets using the AED currency directly through Metamask.

As stated, “Breakthrough in the UAE, Now users I the UAE can buy 300+ digital assets with AED directly within metamask using OnRamp Money.”

his integration allows MetaMask users in the UAE to buy over 300 digital assets with Emirati Dirham (AED) directly through the MetaMask mobile app and Portfolio Dapp, facilitated by instant bank transfers.

As per a blog post, Onramp Money’s integration provides a seamless, fast, and secure method to access web3 and acquire tokens conveniently, without the need to navigate the complexities of centralised crypto exchanges.

The Blog post adds, “The integration with Onramp Money in MetaMask to support Emirati Dirham (AED) is a pivotal development for the cryptocurrency industry in the UAE, especially in Dubai. It signifies a major leap in making digital asset transactions more accessible, efficient, and integrated into everyday financial activities.”

This is not the first announcement that Metamask makes in an Arab country. In December 2023, MetaMask self-custody crypto wallet announced that it had partnered with several entities across the globe including Egyptian payment provider Vodafone Cash to offer new ways to onboard crypto around the world.

Metamask has currently 30 million users.

Conflux Network in UAE with RAK DAO digital assets Oasis

Conflux Network in UAE with RAK DAO digital assets Oasis

Conflux Blockchain, a Layer 1 Blockchain, enters the UAE and partners with UAE’s RAK Digital Assets Oasis (RAKDAO) to develop the Blockchain and digital asset sector.

Conflux’s collaboration with RAK DAO represents a mutual commitment to leverage the strengths and expertise of both partners. This partnership is founded on shared goals and visions, including advocating for blockchain-friendly regulations to foster an environment instrumental to blockchain and digital asset development in the region.

Additionally, the collaboration will cultivate talent and provide valuable educational resources, nurturing a skilled workforce in the blockchain sector. Furthermore, we will facilitate opportunities for businesses and startups in the region to explore and integrate blockchain technologies, thereby amplifying prospects in the digital economy.

Both Conflux and RAK DAO will explore avenues of cooperation in sharing expertise and knowledge to achieve mutual benefits and foster collaboration  as well as incubation and acceleration programs, educational initiatives, and community-building events and workshops in blockchain technologies/

RAK DAO will help Conflux establish a presence in the UAE and the broader Middle East region, while Conflux will develop custom blockchain solutions for digital and virtual asset companies within RAK DAO.

RAK DAO, a strategic initiative by the Government of Ras Al Khaimah, is dedicated to fostering the growth of digital assets and blockchain technology within the region. With its progressive policies and supportive ecosystem, RAK DAO is rapidly becoming a hub for digital innovation and entrepreneurship.

This announcement comes shortly after the visit of Vitalik Buterin to RAK DAO Oasis.

Sastanaqqam a blockchain Web3 company moves headquarters to UAE

Sastanaqqam a blockchain Web3 company moves headquarters to UAE

Blockchain and Web3 Company, Sastanaqqam, has relocated its headquarters to Dubai UAE. It will be present at the One Central district in Dubai at the end of March.

One Central has become a pivotal hub for cryptocurrency enterprises, known for its state-of-the-art facility and a business-friendly regulatory environment. This district houses notable crypto entities like Bybit’s global headquarters and the, a hub for cryptographic and blockchain technologies.

Sastanaqqam’s relocation to One Central reflects its alignment with Dubai’s vision as a leader in technological advancement and financial innovation. “Our move to One Central isn’t just a relocation; it’s a strategic decision to integrate with a community at the forefront of blockchain and digital currencies,” said Azzi Mohamed Mbarek, COO of Sastanaqqam.

The decision to establish a base in One Central, alongside pioneering crypto platforms such as Deribit, underscores Sastanaqqam’s ambion to be at the forefront of the crypto revolution. Dubai’s One Central offers an environment ripe for collaboration, innovation, and growth, making it an ideal location for Sastanaqqam’s expansion.

In anticipation of this significant move, Sastanaqqam is ramping up its recruitment efforts, aiming to attract top talent in blockchain and fintech. The new office in One Central will be equipped with the latest technology and designed to foster innovation and collaboration.

Local businesses and the community in One Central are excited about Sastanaqqam’s arrival. “Sastanaqqam’s addion to One Central is not just a boost to our local economy; it also reinforces our status as a leading tech and financial hub,” shared One central business development team.

Established in 2021, Sastanaqqam is a company specializing in blockchain and Web 3.0 technologies, with a focus on integrating art, gaming, and DeFi to create a comprehensive digital ecosystem.

DMCC Crypto Center and QX Lab to launch AI Center

DMCC Crypto Center and QX Lab to launch AI Center

UAE based DMCC ( Dubai Multi Commodities Center) has partnered with the Dubai-based artificial intelligence firm Qx Lab AI as it gears up to launch the DMCC AI Center later this year.

Through its ‘Ask Qx’ platform, Qx Lab AI offers generative AI capabilities that can be integrated into services such as online chat functions or used by businesses and individuals to enhance productivity.

Ask QX’s unique neural architecture offers unprecedented scalability for the product, providing a digital infrastructure that can benefit firms by reducing overall computational power costs, building up platform security, and creating a protective shield against potential data breaches.

With this groundbreaking technology, QX Lab AI aims to become the first AGI company in the world to access and leverage 372 billion parameters.

Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC said: “In a short space of time AI has emerged as the single biggest force reshaping the way we do business – and we have barely scratched the surface of its potential. As we prepare for the imminent launch of DMCC’s AI Center, I am delighted to be partnering with Qx Lab AI whose unique generative AI platform and revolutionary neural architecture will provide DMCC and its members with unprecedented opportunities to enhance efficiency, productivity, and platform security at scale. This is just one example of the innovations we are pioneering from DMCC, reinforcing Dubai’s status as one of the world’s leading technology and AI hubs for years to come.”

Tilakraj Parmar, Co-Founder and CEO, QX Lab AI, added: “The significant amount of money invested globally in AI research and deployment is just the start of a seismic shift in the way we all operate – both professionally and personally. We are glad to bring our AI capabilities to DMCC and its 24,000 member companies as we position Dubai at the forefront of AI research and deployment.”

Today the DMCC Crypto Centre is home to over 600 Web3 firms, making it the largest concentration of crypto and blockchain companies in the region. Since its launch in 2023, the DMCC Gaming Centre has welcomed over 100 gaming companies, from developers and publishers to esports teams and software engineers, positioning Dubai as a hub for the immersive form of entertainment.

In 2023 DMCC Crypto Center had announced it had 500 crypto and blockchain companies in the center. Since then DMCC crypto center has signed partnership agreements with Solana and others.

Sui Blockchain establishes academy at American University of Sharjah

Sui Blockchain establishes academy at American University of Sharjah

Sui, a Blockchain Layer 1 platform has partnered with UAE American University of Sharjah (AUS) to establish the AUS-Sui Blockchain Academy, a blockchain academy creating opportunities for hundreds of aspiring developers to learn about and ultimately advance the state of the art of the technology.

The agreed upon AUS-Sui Blockchain Academy will operate under the auspices of the multidisciplinary Center of Entrepreneurship, Innovation and Sustainable Development. This placement strategically aligns with entrepreneurship, innovation, and sustainability, underscoring the Academy’s dedication to responsible and impactful technological development. 

The initiative is part of the Emirate of Sharjah’s objective of positioning itself as a regional hub for education and research, particularly in the field of technology and blockchain.

“The establishment of the AUS-Sui Blockchain Academy will provide students with invaluable insights into contemporary and future-oriented topics,” said Dr. Tod Laursen, Chancellor of American University of Sharjah. “It will empower them to engage with trending subjects and essential future technologies, equipping them with the skills and knowledge necessary to thrive in the evolving landscape of tomorrow.”

The Sui Foundation has also previously instituted several educational initiatives such as the establishment of a Web3-focused program at the Wheeler Institute for Business and Development at London Business School, the distribution of $400,000 in Sui Academic Research Awards (SARAs) to fifteen universities worldwide, and the establishment of a groundbreaking new web3 curriculum for high school students which debuted in 2023 at the Costeas Geitonas High School in Greece.

“The establishment of the AUS-Sui Blockchain Academy will provide the next generation of builders and world leaders with the knowledge they will need to create web3 technology that can address global challenges,” said Dr. Siourounis. “Seeing this academy come to life makes me particularly proud given the crucial role that this region is set to play in technological innovation.”

Sui established the current partnership with aid from its strategic partner in the region, Ghaf Labs, whose founder and managing partner, Feras Al Sadek, added, “We are extremely pleased to play a part in creating this historic initiative. The AUS-Sui Blockchain Academy will pave the way for future generations to enrich and benefit this industry and the region.”

Commercial Bank International enters the world of digital asset payments

Commercial Bank International enters the world of digital asset payments

UAE based Commercial Bank International PJSC (‘CBI’), a corporate and retail bank headquartered in Dubai, and Fuze, MENA’s digital asset infrastructure provider, signed a Memorandum of Understanding that will allow both parties to jointly explore digital assets use cases under the comprehensive regulatory frameworks of the UAE.

The agreement between CBI and Fuze provides the foundations for innovative new use cases that leverage the potential of blockchain and digital assets, including investments and payments. Leveraging CBI’s extensive and robust track record in business and personal finance, with Fuze’s cutting-edge digital assets infrastructure and expertise, the two parties will collaborate to develop a suite of digital asset and blockchain products.

Driving this agreement is an underlying demand from customers for safe and regulated digital assets platforms. The collaboration emphasises responsible innovation and as a regulated business, Fuze is committed to structuring compliant products that foster trust and confidence in the UAE’s digital asset ecosystem.

On the occasion of the MoU signing, Giovanni Everduin, Chief Strategy & Innovation Officer of Commercial Bank International (CBI) stated, “Pooling the knowledge, expertise and resources of CBI and Fuze will help us explore a range of innovative new digital assets use cases for business and personal finance. This agreement will bring our customers closer to the many opportunities of digital assets, within a safe and regulated environment, in line with the UAE’s world-class virtual assets regulations. The signing of this MoU marks CBI’s commitment to furthering innovation and aligns perfectly with the UAE Government’s prioritisation of innovation as a pivotal force for driving positive change and economic development”.

Mohammed Ali Yusuf (Mo Ali Yusuf), CEO and Co-Founder of Fuze, added, “We’re thrilled to support CBI in connecting customers with future-facing financial products through the power of blockchain infrastructure. Collaborating with CBI marks a significant milestone for digital assets in the UAE. We look forward to supporting the Bank in providing greater financial accessibility and empowerment for their customers through powerful digital assets and cryptocurrency use cases”.

In December 2023, Fuze which had recently received a license from Dubai’s regulator, signed a similar MOU with UAE Fardan Exchange to allow the exchange to offer digital asset products such as buying, selling and transfer.

cryptocurrency regulation could be out in months in Saudi Arabia

cryptocurrency regulation could be out in months in Saudi Arabia

According to a recent interview by Zawya, with, Bandar AlTunisi, Head of Development at Binance in Saudi Arabia, high level digital currency regulation could come out in Saudi Arabia tomorrow or in a month’s time.

He states, “With discussions on cryptocurrency ongoing at several Saudi government bodies, Saudi Arabia, is looking forward to possible “high-level” regulation for digital currencies in the country this year.”

AlTunisi said there had been growth over the past seven years.  “It could be tomorrow, it could be in a month’s time, but once they’re ready, they will move quickly, which is what excites us about the Saudi market. I am hopeful about this year, but it is dependent on a lot of different factors,” he said.

Bader Al Kalooti, Head of Binance Middle East, Africa and Southern Asia (MEASA) and Turkey, said: “It is still very early. Relatively speaking, this is a nascent industry. The way these things tend to work, you will have disruptive technology roll out, then it takes a while to demonstrate that there is a product market fit, that people want this technology, then the regulations catch up.”

Dubai and Bahrain were early movers, he said, and other markets will catch up, although it will not happen overnight.

Bodies involved in studying potential crypto regulation include the Saudi Central Bank (SAMA), the Ministry of Communications and Information Technology (MCIT), which will be involved from a blockchain point of view, and the Capital Markets Authority (CMA).

Saudi Arabia also launched the Financial Sector Development Programme in 2018, under which the development of cryptocurrency regulation could also fall.

The creation of such regulation would be followed by a period of understanding how the regulations will be applied, AlTunisi said. Saudi is a priority market for crypto in general as well as Binance, he said.

“There is no other major exchange that has boots on the ground in Saudi in the way Binance does,” he adds, “Saudi is one of those places where once they move, they move big/. We really anticipate that there is going to be movement soon, and once they do, it is going to be a huge catalyst for growth in the industry.”

LaraontheBlock spoke withNaquib Mohammed, Founder and CEO of MRHB Network, who recently started operations in KSA, explained, ” We have been in meeting with stakeholders from SAMA ( Saudi Central Bank) on a regular basis. SAMA is working on regulations, but there is nothing happening anytime this year.”

MENA is home to three of the top 30 countries receiving crypto in Chainalysis index: Turkey (12), Morocco (20), and Iran (28). However, Turkey dominates in terms of raw transaction volume, but interestingly Saudi Arabia comes in third in terms of crypto value received, with UAE coming in at number two and Turkey taking number one place.