Tether is making strides in collaboration with
Phoenix Group to launch a
UAE Dirham-Pegged Stablecoin. The partnership further solidifies Phoenix Group's status as a strategic shareholder in Tether's Dirham stablecoin project. In other developments, UAE-based Phoenix Group intends to bolster its mining capabilities following a $187M deal with Bitmain amid the global ASIC race. It is also notable that Phoenix Group's IPO was 33-times oversubscribed, displaying investor confidence in the Middle Eastern crypto economy. Additionally, Black Phoenix (BPX) has seen an unprecedented growth of 4,000,000% within 24 hours, establishing itself as a prominent figure in the cryptocurrency market.
There have been some notable exits, as Phoenix and Wasabi withdraw from the US market due to increased regulations on self-custody wallets. Acinq also had to withdraw Phoenix Wallet from US markets due to similar concerns.
Interestingly, Phoenix has launched an engaging memecoin, Phoenix Memecoin ($PHNX), with a unique focus on tokenomics and community investment. The Phoenix Global token, on the other hand, experienced a surge of 5,600% in a matter of minutes.
The Phoenix Group also made headlines with its $380M agreement for eco-friendly Bitcoin mining equipment. Notably, Bitcoin's hash rate overnight increased 2X as 'Phoenix' was launched.
However, it's crucial to address the controversies involving Phoenix police's 'challenge coin'. Claims have emerged concerning disrespectful depictions on the coin. Investigations are ongoing, and several officers have faced disciplinary action as a result.
Phoenix Coin News Analytics from Fri, 17 Aug 2018 08:35:48 GMT to Mon, 26 Aug 2024 16:04:53 GMT -
Rating 5
- Innovation 6
- Information 8
- Rumor -2
