NEWS

Dubai, United Arab Emirates – 20 December 2024 Phoenix Group, a pioneering cryptocurrency, blockchain, and Web 3 company and the first home-grown cryptocurrency firm to be listed on the Abu Dhabi Securities Exchange, announces the appointment of Munaf Ali as CEO. Currently serving as Group Managing Director and co-founder, Munaf brings a wealth of corporate institutional experience that positions him uniquely to capitalize on emerging opportunities in the rapidly evolving cryptocurrency landscape.

Seyed Mohammad Alizadehfard (Bijan), the current CEO and co-founder, will step down to focus on expanding and managing his investment fund, Cypher Capital but will continue to be involved with Phoenix Group as a major shareholder and as a trusted key advisor to Phoenix.

With over 20 years of capital markets experience from Citigroup, Munaf Ali’s extensive understanding of both traditional and digital finance will be instrumental as Phoenix Group explores new avenues for growth. His leadership will focus on cultivating strong relationships with institutional players to capitalize on the opportunities that lie ahead in the evolving cryptocurrency and blockchain landscape. Phoenix is already working with leading investment banks and crypto advisers on possible dual listing opportunities in favourable international jurisdictions for 2025.

“I want to extend my deepest thanks to Bijan for being my co-founder and for his successful stewardship in guiding Phoenix Group from a private company to our listing on the ADX. We have worked together since we founded Phoenix and grown it into a listed billion-dollar company. Our strong relationship will continue, a CEO could not wish for a better advisor who will continue to bring opportunities to our door.”

“Taking on the role of CEO at Phoenix Group represents an incredible opportunity to lead this forward-thinking company during a time of unprecedented growth,” continued Munaf. “My extensive experience and background in banking and finance equips me to navigate the complexities of our industry as the worlds of traditional and digital assets move closer together, allowing us to position Phoenix Group for success. Looking ahead, we are exploring dual listing opportunities including on NASDAQ in 2025 as we continue to build our global presence.”

This leadership transition comes at a pivotal moment, building upon the remarkable achievements of the past year since Phoenix Group's listing, culminating in its recent sponsorship of Abu Dhabi Finance Week highlighting the crucial role Phoenix Group plays in integrating traditional finance with innovative digital assets.

Seyed Mohammad Alizadehfard, the outgoing CEO and co-founder, will continue to play a vital role in the company as a valued advisor and shareholder. “While I transition from the CEO role, I am dedicated to supporting Munaf and the team as we embark on the next stage of Phoenix’s journey. My knowledge and expertise in cryptocurrency, combined with Munaf's institutional background, will ensure that Phoenix Group remains at the forefront of our industry both here in UAE and on the global stage” he stated.

Phoenix Group is well-positioned for future growth, leveraging the strengths of both Munaf's corporate experience and Bijan’s deal-making acumen in the cryptocurrency space. Together, they will ensure that Phoenix Group continues to innovate and expand its global presence.