Wemade CEO to attend Abu Dhabi Finance Week and Fortune Global Forum next week

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.

Bybit Powers Trading Tools via ChatGPT IntegrationDubai-headquartered crypto spot and derivatives trading platform Bybit is set to revolutionize the trading experience for its users with the integration of artificial intelligence (AI) through ChatGPT. By leveraging OpenAI’s renowned chatbot, Bybit aims to provide innovative trading tools and metrics to cryptocurrency traders.Photo by Markus Spiske on UnsplashToolsGPTThe newly introduced ToolsGPT by Bybit combines the machine learning capabilities of ChatGPT with the exchange’s market data, offering users a comprehensive set of features. Traders will now have access to technical analysis, price data, and metrics, all generated through AI technology. ToolsGPT will also provide personalized responses to individual inquiries, catering to the unique needs of each trader.Bybit’s AI-powered offering is designed to provide insights and predictions for various cryptocurrency trading scenarios. By analyzing market data for multiple cryptocurrencies, ToolsGPT can identify price trends and utilize technical indicators to forecast future market movements. This service is accessible to traders of all experience levels, allowing them to make more informed decisions based on historical and real-time market data.Bybit announced the availability of the AI-powered trading tools via a blog post published to its website on Thursday and via Twitter. Ben Zhou, CEO of Bybit, emphasized the innovative integration of ChatGPT and its role in empowering traders with advanced tools and insights. By leveraging historical and real-time market data, as well as AI-generated advice, traders can gain a comprehensive understanding of market dynamics to make better-informed decisions.Exchange AI integrationsBybit joins other cryptocurrency exchanges in exploring the potential of ChatGPT. Crypto.com introduced its own user assistant powered by ChatGPT, named Amy, in May. Binance also integrated OpenAI’s chatbot into its Binance Academy platform, providing users with responses sourced from a database of articles and information on the broader Web3 ecosystem.Additionally, OKX has integrated EndoTech’s AI tools to analyze market volatility and identify trading opportunities. This move reflects the growing recognition within the cryptocurrency industry of AI’s potential to enhance trading strategies and improve overall user experiences.Solana Labs also joined the AI revolution by launching a ChatGPT-powered plugin. This plugin enables users to check wallet balances, conduct transfers of Solana-native tokens, and trade non-fungible tokens (NFTs) seamlessly.It’s been a busy couple of months for the company. Last month, Bybit announced the extension of its service offering to include crypto lending. Also in May, it achieved “in principle” approval from the Astana Financial Services Authority (AFSA) in Kazakhstan to trade in the country. In April, it publicized that it had chosen Dubai as the company’s global headquarters. In an effort to further establish roots in the United Arab Emirates (UAE), earlier this month it founded a blockchain scholarship program in conjunction with the American University of Sharjah (AUS).As the cryptocurrency industry continues to evolve, the integration of AI technology holds great promise for enabling more effective and informed trading strategies. That’s something that Bybit Advisor Anndy Lian underscored at the Brand Launchpad Event held in Vietnam last month. With Bybit’s integration of ChatGPT, traders can expect an enhanced trading experience through the use of AI-powered tools and insights.

China Sees Further Metaverse Development Through Nanjing City InitiativeNanjing City’s Jiangning district recently unveiled its ambitious plans for metaverse development as competition in China’s metaverse sector intensifies.Photo by 李 亨 on PexelsThree-year planThe district aims to lay the groundwork for blockchain-based applications by attracting 200 metaverse companies and generating an industry with an annual revenue of 20 billion yuan ($2.80 billion) by the end of 2025. That’s according to a three-year plan to accelerate metaverse development published by Jiangning district’s management committee on Saturday.To support this vision, Jiangning plans to foster collaboration between local enterprises and academic institutions, with the goal of training 10,000 metaverse professionals over the next three years.Metaverse roadmapThe district’s comprehensive roadmap includes the identification of key metaverse technologies, such as blockchain, artificial intelligence (AI), and virtual reality. Additionally, the plan outlines the establishment of 50 research centers and laboratories dedicated to these areas of expertise.These initiatives were unveiled during a joint summit on metaverse and artificial intelligence-generated content (AIGC) held at the Jiangning High-tech Development Zone, a specialized industrial park known for its focus on life sciences, software development, and equipment manufacturing.At the summit, 16 metaverse-related projects were introduced, representing a total investment of 8.1 billion yuan ($1.13 billion). These projects encompass diverse fields, including A.I., cloud computing, big data, and healthcare. Jiangning’s commitment to the metaverse extends beyond the recently announced plan, as the district has been offering financial incentives to metaverse companies since May 2022.Moreover, an investment of 800 million yuan ($112 million) has been allocated to construct a dedicated “metaverse industrial building” that will provide office spaces for metaverse enterprises.Jiangning’s efforts contribute to Nanjing City’s broader aspiration of becoming a prominent metaverse hub in China. In February of this year, Nanjing unveiled its metaverse strategy and set the ambitious target of establishing an industry generating over 135 billion yuan ($19.13 billion) in annual revenues by the end of 2025. Additionally, Nanjing launched “the Blockchain Technology and Application Innovation Platform of China” in May, aimed at promoting and advancing metaverse research nationwide.Broader Chinese metaverse strategyWhile Nanjing is moving towards metaverse development, other Chinese metropolises, including Beijing, Shanghai, and Hangzhou, are also vying for dominance. Cities such as Zhengzhou and Suzhou are also endeavoring to participate in the trending technology.Last month, Zhengzhou announced a set of policy proposals aimed at supporting metaverse-centric enterprises locally. Earlier in May, the administrative body that governs Henan Province established a 150 million yuan ($21.7 million) private equity investment fund relative to the financing of metaverse-themed projects.As cities and regions in China compete to seize the opportunities presented by the metaverse, the country is witnessing significant investments and initiatives to establish a strong foothold in this transformative technology. Nanjing’s Jiangning district’s comprehensive plan and strategic partnerships signify the region’s dedication to becoming a flourishing metaverse ecosystem, while executing on a mandate from the central government to further develop metaverse technologies within China.