- Phoenix Group’s Acquisition: Cryptocurrency mining and blockchain company Phoenix Group PLC is set to acquire a significant 25% ownership stake in Lyvely, a Dubai-based social networking and content monetization platform
- Subscription and Investment Agreement: Phoenix INV Holdings, a wholly owned subsidiary of Phoenix Group, has entered into a subscription and investment agreement, marking a significant step toward securing the 25% stake in Lyvely.
- Lyvely’s Role in Content Monetization: Lyvely, a UAE-based platform, serves as a facilitator for content creators to monetize their online presence. The platform also provides consumers with exclusive access to personalized experiences.
Cryptocurrency mining and blockchain firm Phoenix Group PLC announced it is to acquire a substantial ownership stake in Lyvely, a Dubai-based social networking and content monetization platform, according to media reports.
Phoenix INV Holdings, a wholly owned subsidiary of Phoenix Group, has entered into a subscription and investment agreement to secure a 25% stake in Lyvely, with the subsidiary currently undergoing necessary procedures to finalize the transaction, according to a disclosure on the Abu Dhabi Securities Exchange (ADX),
Lyvely, a UAE-based platform, facilitates content creators in monetizing their online presence and offers consumers exclusive access to personalized experiences.
The acquisition underscores Phoenix’s dedication to driving innovation in empowering creators and reshaping the future of social interaction, as stated in a separate company announcement.
Bijan Alizadehfard, Co-Founder and Group CEO of Phoenix Group emphasized that the investment in Lyvely is a strategic move to contribute to the burgeoning digital and creator economy.
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