Invest In Bitcoin And Ethereum Directly With Dirhams On Abu Dhabi's M2 Exchange

Phoenix Group, a prominent tech and Web3 company listed on the Abu Dhabi Securities Exchange, has announced a significant update to its Abu Dhabi-based exchange, M2. Regulated by the Financial Services Regulatory Authority (FSRA) in the ADGM, M2 now allows deposits and withdrawals from UAE bank accounts for purchasing Bitcoin (BTC) and Ethereum (ETH) using dirhams.

From June to July 2024, M2 experienced a 64.2% rise in verified registrations, highlighting increased interest in virtual assets and trust in the platform. Additionally, an impressive 104.5% of these new users successfully completed their rigorous KYC procedures, indicating a growing verified user base.

Phoenix Group invests in the digital asset ecosystem through its subsidiaries, holding a significant stake in M2. The mission of M2 is to promote virtual asset adoption within the UAE by providing a secure and transparent trading environment along with an expanding range of products.

Operating under one of the world's most stringent regulatory frameworks, M2 prioritises consumer protection, technology, governance, and custody. The new integration utilises the strength and security of robust banking infrastructure alongside advanced digital asset technology.

Seyed Mohammad Alizadehfard (Bijan), Co-Founder and Group CEO of Phoenix Group, remarked, "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 further 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."

First-time deposits also saw an impressive surge of 297.5%, showcasing strong confidence in M2's services among both retail traders and institutional investors. This increase reflects growing interest and trust in virtual assets within the region.