Cryptocurrency and blockchain mining company Phoenix Group PLC will acquire a significant stake in Dubai-based social media and content monetization 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 Stock Exchange (ADX).
The subsidiary is currently completing all the necessary procedures to complete the transaction.
Lyvely is a local UAE platform that helps content creators monetize their online presence. It also offers consumers exclusive access and personalized 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 driving 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 taking a stake in a company, we are investing in the future of the digital and creative economy, which has enormous potential and is on an exponential growth trajectory," said Bijan Alizadehfard, co-founder and cluster. CEO of the Phoenix Group.
(Written by Cleofe Maceda; edited by Seban Scaria) seban.scaria@lseg.com
