Cryptocurrency mining and blockchain firm Phoenix Group PLC is ready to amass a major shareholding in Dubai-based social networking and content material monetisation platform Lyvely.
Phoenix INV Holdings, a completely owned subsidiary of Phoenix Group, entered right into a subscription and funding settlement on December 26 to amass a 25% stake in Lyvely, in response to a disclosure on the Abu Dhabi Securities Alternate (ADX).
The subsidiary is at present finishing all required procedures to finish the transaction.
Lyvely is a UAE homegrown platform that helps content material creators monetise their on-line presence. It additionally gives customers unique entry and personalised experiences.
Final August, the platform secured an undisclosed quantity in seed funding from Cypher Capital that might be used to develop a cryptocurrency token.
The acquisition will solidify Phoenix’s dedication to drive innovation that can empower creators and redefine the way forward for social interplay, the corporate stated in a separate assertion.
“With Lyvely, we aren’t simply buying a stake in an organization, we’re investing in the way forward for the digital and creator economic system, which has enormous potential and is on exponential development trajectory,” stated Bijan Alizadehfard, Co-Founder and Group CEO of Phoenix Group.
(Writing by Cleofe Maceda; modifying by Seban Scaria) seban.scaria@lseg.com
