Abu Dhabi’s IHC to acquire 10% stake in crypto firm Phoenix Group

Abu Dhabi conglomerate Worldwide Holding Firm (IHC) is buying a stake in cryptocurrency agency Phoenix Group by way of its subsidiary.

IHC’s wholly owned unit, Worldwide Tech Group, has entered right into a definitive settlement to purchase 10% stake in Phoenix Group, in accordance with a disclosure on the Abu Dhabi Securities Change (ADX) on Friday.

The corporate is at present finishing all required procedures and acquiring regulatory approvals to finish the transaction, the disclosure mentioned.

Phoenix performs bitcoin mining and offers crypto-mining gear distribution and internet hosting companies. The corporate has a portfolio of mining amenities within the Center East, Europe, america and Canada.

Final August, it introduced a cope with Oman-based Inexperienced Knowledge Metropolis to arrange a $300 million crypto-mining farm.

(Writing by Cleofe Maceda; enhancing by Seban Scaria)

seban.scaria@lseg.com