KuCoin Report Points to Marked Increase in Crypto Investors in Turkey

Phoenix Group adjusts public trading launch dateWhile experiencing a considerable over-subscription during its pre-market sale on Nov. 21, Dubai-headquartered crypto mining firm Phoenix Group has had to announce a slight delay to its initial public offering (IPO) on the Abu Dhabi Securities Exchange (ADX).Photo by David Rodrigo on UnsplashAccounting for the UAE holiday scheduleIn an announcement published on Tuesday, Phoenix Group revealed that it would list its shares on Dec. 5 instead of the initially planned Dec. 4. The adjustment is attributed to the public holidays declared for the United Arab Emirates (UAE) National Day, celebrated on Dec. 2. The day marks the formation of the UAE, and the Ministry of Human Resources and Emiratisation has designated Dec. 2, 3 and 4 as public holidays for the private sector.“To honor this occasion and ensure comprehensive participation in the IPO, Phoenix Group PLC has rescheduled its listing date to December 5th, 2023,” the announcement states.IPO oversubscriptionAs advised by the company earlier this month, Phoenix Group achieved a successful closure of its IPO on Nov. 18, experiencing an over-subscription of 33 times the available share offering. The offering of 907,323,529 shares witnessed overwhelming demand, with retail investors oversubscribing 180 times and professional investors contributing to a 22-fold over-subscription.Discussions regarding the IPO launch in the UAE have been underway since at least July of this year, although public knowledge of the company’s intentions only became known in recent weeks.Speaking about the objective of the recent public listing, the company’s co-founders, Bijan Alizadeh and Munaf Ali, wrote:“Our aim is to be able to help create a more resilient, inclusive and diversified global blockchain economy, and this IPO is just the first step towards achieving that goal.”725MW mining capacityThe UAE-based mining operator is in the process of developing one of the largest mining facilities in the Middle East. Founded in 2016, the firm now manages 725MW of mining capacity globally, with facilities in the U.S., Canada, Europe and the Middle East.In August, it emerged that Phoenix is a key stakeholder in the development of a $300 million 150MW mining farm project which will be located at the Green Data City in the Omani capital, Muscat.Abu Dhabi-based conglomerate International Holding Company (IHC) acquired a ten percent stake in Phoenix in October. Co-founder Bijan Alizadeh is also a co-founder of M2, an Abu Dhabi-based cryptocurrency exchange that recently received a Multilateral Trading Facility and custodian license from the Abu Dhabi Global Market (ADGM).IPO activityComing off the back of a bear market, IPO activity has been scarce within the crypto space recently. That said, it emerged recently that South Korean cryptocurrency exchange Bithumb is working towards an IPO which it hopes to complete in the second half of 2025. Meanwhile, Ripple Labs has delayed its IPO plans due to regulatory challenges the company is currently dealing with in the U.S. Earlier this month, it emerged that USDC stablecoin issuer, Circle, is looking to launch an IPO in 2024.As Phoenix Group readies itself for public trading, the adjusted launch date aligns with the company’s strategy to maximize participation and capitalize on the UAE’s crypto-friendly environment.

Korea’s Internet Agency Encourages More Blockchain Tech Adoption to Overcome Crypto WinterVirtual asset and blockchain technology needs to be more broadly adopted to overcome crypto winter, an official from the Korea Internet and Security Agency (KISA) said at the 2023 Blockchain Meetup Conference on Wednesday.©Pexels/Helena LopesUser-friendly apps and regulatory supportPark Sang-hwan, the leader of the blockchain technology promotion group at KISA, encouraged the blockchain industry to develop user-friendly applications to give positive impressions, adding that blockchain-based apps should be faster and efficient to meet users’ expectations.He also said the blockchain industry needs regulatory support, explaining that regulatory issues can hinder the growth of the industry’s growth.KISA’s support for blockchain industryAccording to Park, the quasi-government internet agency introduced a business quality control system to offer advice on legal, technological, and business issues to companies, as well as to provide them with business problem-solving support. KISA will continue driving the development of key blockchain technologies, create new business plans for Web 3.0, and devise a mid- to long-term roadmap for research and development, he said.Blockchain projects in KoreaDuring his speech at the conference, Park presented several KISA-led public sector projects that will unfold this year, as reported by the Korean economics newspaper Hankyung. They include blockchain-based online voting systems, the establishment of digitally formed national licenses, and the verification of personal identification.Endeavors in the private sector were also revealed, including NFT-based concert tickets, oil waste disposal systems, and identification using soulbound tokens.

Korbit Joins Hands with Shinhan Card and Good Neighbors for NFT CampaignKorean crypto exchange Korbit said Thursday that it is participating in the Cambodia Youth Independent Tuk-tuk Transportation IG Group organized by the Good Neighbors Global Impact Foundation to help create jobs and support economic stability for youths in Kampot, southern Cambodia. To do so, the exchange has launched a campaign with Korean credit card company Shinhan Card and the Good Neighbors Global Impact Foundation to issue environmental, social, and governance (ESG) donation certificates minted as non-fungible tokens (NFTs).Photo by Markus Winkler on UnsplashTuk-tuks, or auto rickshaws, are the main mode of transportation in Cambodia, offering a larger job market for youths who are looking to become financially independent. Yoo Tae-hyun, Head of the Platform Business Group at Shinhan Card, expressed his hopes that the campaign will empower the youths and help them become more independent.Campaign participationShinhan cardholders who wish to participate in the campaign can select “Tuk Tuk Donation Certificate NFT Campaign” found under the Areumin section in Shinhan’s app service Shinhan pLay. They can then make a donation with their card or card points and apply for an NFT. Korbit said that it would airdrop all NFTs to donors at the end of the campaign in December, which can be verified on Korbit’s NFT marketplace and Shinhan pLay app’s MyNFT service. The images minted on the donation NFTs, which depict Cambodian youths on tuk tuks, are a contribution from Park Hye-geun, an artist who has worked on children’s books, educational materials, and more.Notably, during a memorandum of understanding (MOU) signing ceremony last Monday, the three entities opted for an NFT certificate confirming their partnership instead of directly signing a document as a means to further implement NFTs into their collaboration.Boosting ESG efforts“We are pleased to contribute to creating a trend of making donations through NFTs and will continue to uphold our ESG management to have a positive impact on society,” said Oh Se-jin, CEO of Korbit. Meanwhile, Hyun Jin-young, CEO of the Good Neighbors Global Impact Foundation, applauded Korbit’s efforts to promote a culture of donation and address global social issues through the use of NFTs. He also stated that he looks forward to various technological collaborations with Korbit in the future.Korbit has previously worked with Shinhan Card on various cultural and artistic ESG activities, such as hosting an art fair in April in Seoul, where some 200 artists showcased their artworks.