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.
