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Cryptocurrency mining and blockchain firm Phoenix Group PLC is about to accumulate a major shareholding in Dubai-based social networking and content material monetisation platform Lyvely.
Phoenix INV Holdings, an entirely owned subsidiary of Phoenix Group, entered right into a subscription and funding settlement on December 26 to accumulate a 25% stake in Lyvely, in keeping with a disclosure on the Abu Dhabi Securities Change (ADX).
The subsidiary is presently 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 provides 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 mentioned 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 financial system, which has enormous potential and is on exponential progress trajectory,” mentioned Bijan Alizadehfard, Co-Founder and Group CEO of Phoenix Group.
(Writing by Cleofe Maceda; enhancing by Seban Scaria) seban.scaria@lseg.com
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