(MENAFN- Mid-East)
Users can now seamlessly and compliantly buy and sell virtual assets directly through their UAE bank accounts
Last month, verified users completing 'Know Your Customer' (KYC) procedures on M2 increased by 104.5%, demonstrating the platform's expanding user base.
Additionally, first-time deposits surged by 297.5%.
Abu Dhabi, UAE, August, 2024- Phoenix Group (ADX:PHX), a leading tech and Web3 company listed on the Abu Dhabi Securities Exchange, announces a major development to its Abu Dhabi based exchange, M2. Regulated by the Financial Services Regulatory Authority (FSRA) located in the ADGM, M2 now accepts deposits and withdrawals from UAE bank accounts for the purchase of Bitcoin (BTC) and Ethereum (ETH) with United Arab Emirates' Dirhams (AED).
Phoenix Group, through its subsidiaries, invests in the digital asset ecosystem, with a key stake in M2. M2's mission is to compliantly drive virtual asset adoption within the UAE by delivering a secure and transparent trading environment, and growing suite of products.
Operating in one of the most robust regulatory frameworks in the world, M2 ensures consumer protection, technology, governance, and custody. The new integration leverages the strength and security of robust banking infrastructure and the cutting edge technology that powers digital assets.
Seyed Mohammad Alizadehfard (Bijan), Co-Founder and Group CEO of Phoenix Group, commented,“This milestone is a testament to Phoenix Group's commitment to driving forward innovative solutions in the financial sector. The growth metrics we've observed in such a short span reflect the robust demand and trust in M2 during a pivotal moment of growth for the virtual assets space.”
He added,“This is a significant step for M2 as we expand our offerings in the MENA region – bringing together traditional finance and virtual assets in what is a pivotal moment for the markets, both in the UAE and globally. These growth figures demonstrate the appetite that exists, and Phoenix Group's ability to service that demand through the verticals it powers.”
From June to July 2024, M2 saw a 64.2% increase in verified registrations – a reflection of growing interest in virtual assets and trust in the platform. From this, an impressive 104.5% successfully completed their rigorous KYC procedures – a reflection of an expanding verified user base.
Additionally, first-time deposits surged by 297.5%, indicating strong confidence in M2 services and appeal to both retail traders and institutional investors.
About Phoenix Group:
Phoenix Group PLC, a multi-billion-dollar tech powerhouse headquartered in the UAE, leads the forefront of the blockchain, crypto, and tech revolution, driving innovation to new heights. In 2017, Bijan Alizadehfard and Munaf Ali laid the foundation for what would evolve into the Phoenix Group – a conglomerate comprising several thriving businesses. Beyond the web3 sphere, they offer comprehensive solutions, boast a 765MW mining operation, and fuel growth through strategic partnerships and innovation. Phoenix Group operates nine mining facilities in the US, Canada, CIS, and the UAE, with each unique company operating in one of four distinct verticals: Mining, Hosting, Trading, and Investments.
Phoenix Group PLC is the region's first privately owned crypto and blockchain conglomerate listed on the Abu Dhabi Securities Exchange. It also runs the largest mining farm in the MENA region.
About M2:
Headquartered in Abu Dhabi, M2's mission is to drive virtual asset adoption within the UAE by delivering a secure and transparent trading environment for investors. The platform provides investors with a growing suite of virtual asset products while ensuring strict regulatory compliance. Regulated by the Financial Services Regulatory Authority (FSRA) located in the Abu Dhabi Global Market (ADGM), M2 Limited and M2 Custody Limited are committed to ensuring a safe trading experience, upholding the highest standards of regulatory compliance.
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