July 22, 2024
Crypto

Cryptocurrency miner Phoenix Group acquires 25% in Dubai-based Lyvely


Cryptocurrency mining and blockchain company Phoenix Group PLC is set to acquire a significant shareholding in Dubai-based social networking and content monetisation platform Lyvely.

Phoenix INV Holdings, a wholly owned subsidiary of Phoenix Group, entered into a subscription and investment agreement on December 26 to acquire a 25% stake in Lyvely, according to a disclosure on the Abu Dhabi Securities Exchange (ADX).

The subsidiary is currently completing all required procedures to complete the transaction.

Lyvely is a UAE homegrown platform that helps content creators monetise their online presence. It also offers consumers exclusive access and personalised experiences.

Last August, the platform secured an undisclosed amount in seed funding from Cypher Capital that will be used to develop a cryptocurrency token.

The acquisition will solidify Phoenix’s commitment to drive innovation that will empower creators and redefine the future of social interaction, the company said in a separate statement.

“With Lyvely, we are not just acquiring a stake in a company, we’re investing in the future of the digital and creator economy, which has huge potential and is on exponential growth trajectory,” said Bijan Alizadehfard, Co-Founder and Group CEO of Phoenix Group.

(Writing by Cleofe Maceda; editing by Seban Scaria) seban.scaria@lseg.com



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent. View more
Accept
Decline