HK Regulators Facilitate Dialogue between Banks and Crypto Enterprises

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.

Korean Crypto Wallet Joins Forces with Kick Scooter Sharing PlatformRotonda, a subsidiary of Korean cryptocurrency exchange Bithumb and the operator of the virtual asset wallet platform Burrito Wallet, announced today a collaboration with the Seoul-based kick scooter sharing service Xingxing, as reported by local media outlet Etoday.Photo by Ranurte on UnsplashToken reward promotionUnder this partnership, the two companies will launch a promotion that will run until July 31. The first 4,800 new users who click on the promotion banner on the Xingxing app, install the wallet app, and set up a crypto wallet will receive 10 WEBI tokens through airdrop. Furthermore, ten of these users will also be given an NFT that represents Xingxing’s monthly subscription “mini,” which is worth 18,900 KRW ($15). WEBI serves as the ecosystem token for the blockchain-based Web3 sharing economy service called Webility.Additionally, 200 monthly subscribers of Xingxing who install the Burrito Wallet app will have the opportunity to win 100 WEBI tokens and 100 Xingxing in-app points. The winners will be announced on the official websites of both companies.Bridging Web2 and Web3Having already forged partnerships with various blockchain projects, including Pala, Casper Labs, 1inch Network, and KLAYswap, Burrito Wallet will seize this opportunity to position itself as a digital wallet that bridges the gap between Web2 and Web3.A representative from Burrito Wallet expressed optimism that the partnership with Xingxing will provide more people with the opportunity to experience its distinguished Web3 services. The representative also emphasized the company’s commitment to strengthening partnerships with companies from various fields, with the goal of building a highly practical virtual asset ecosystem.

Blockchain Firm NEOPLY Rebrands as Neowiz Partners to Focus on InvestmentNeowiz Holdings, a South Korean investment holding company, announced today that its blockchain subsidiary NEOPLY held an extraordinary general meeting of shareholders and rebranded itself as Neowiz Partners, according to local news outlet News1. Upon this name change, the company will participate as a liquidity provider in the industry through strategic partnerships with investment firms such as venture capital firms and private equity funds.Photo by Precondo CA on UnsplashAbu Dhabi’s supportEarlier, it was revealed that Neowiz Partners became a part of the Innovation Programme offered by the Abu Dhabi Investment Office (ADIO) in the United Arab Emirates (UAE). This program offers incentives to various businesses operating in high-growth areas like financial services and technology.Diverse portfolioUnder its new name, Neowiz Partners aims to build a diverse portfolio of investments in promising companies committed to emerging technologies such as artificial intelligence (AI) and robotics. This strategic move is intended to foster future growth and seize the potential offered by these innovative sectors.Neowiz Partners’ global headquarters, known as H-Lab, located in the Abu Dhabi Global Market (ADGM), will oversee investment and management related to its blockchain businesses. Meanwhile, the operations of these blockchain projects will continue to be managed by NEOPIN, a subsidiary of H-Lab and a CeDeFi protocol that operates as a one-stop solution for those seeking a non-custodial wallet.Earlier reports highlighted NEOPIN’s achievement in launching Korea’s first liquid staking products for ETH. This approach enables users to deposit their cryptocurrencies into a staking pool and receive liquidity provider tokens in return. These tokens can then be deposited again to generate additional yields.On the occasion of this renaming, Neowiz Partners will establish itself as a dedicated investment company, while H-Lab will concentrate on serving the blockchain industry and associated ventures.