fbpx
Read Watch
Money

Phoenix Group Ventures into Web3 Gaming with 12.5% Stake in Rekt Studios

by WAYA Staff - May 8, 2024
Phoenix Group Ventures into Web3 Gaming with 12.5% Stake in Rekt Studios

– Abu Dhabi-based cryptocurrency firm Phoenix Group acquires a 12.5% stake in Rekt Studios, specializing in Web3 gaming and entertainment.

– The strategic move, facilitated through Phoenix Group’s subsidiary, marks a significant step beyond cryptocurrency mining.

– Rekt Studios’ expertise in creating immersive Web3 experiences is expected to revolutionize the gaming industry, empowering gamers to own, manage, and monetize their gaming experiences.

Abu Dhabi-based cryptocurrency firm Phoenix Group, listed on the stock exchange, has acquired a 12.5% stake in Rekt Studios, a UAE-based company specializing in Web3 gaming and entertainment. 

The investment, facilitated through Phoenix Group’s fully owned subsidiary, Phoenix INV Holdings, signifies a strategic move beyond cryptocurrency mining for the company. 

According to a statement released on Tuesday, the deal represents a significant advancement in pioneering Web3 gaming. 

While the exact value of the transaction remains undisclosed, Rekt Studios, based in the UAE, is known for creating immersive Web3 games, experiences, and virtual environments. 

Elie Rizk, Founder and CEO of Rekt Studios, anticipates that this collaboration will revolutionize the gaming industry, offering gamers new opportunities to own, manage, and monetize their gaming experiences.

If you see something out of place or would like to contribute to this story, check out our Ethics and Policy section.

Recommended stories

Saudi Inflation Drops to 1.6% in March

by WAYA Staff - May 2, 2024
Saudi Inflation Drops to 1.6% in March

– Saudi Arabia’s inflation rate decreased to 1.6% in March 2024, attributed to a 0.7% month-on-month decline in the Food & Beverages category. – Non-oil export growth surged to 4.4% year-on-year in February 2024. – The Consumer Price Index rose...

Read More

Egypt Secures USD230 Million in Budget Support from Japan

by WAYA Staff - May 1, 2024
Egypt Secures USD230 Million in Budget Support from Japan

Egypt receives $230 million from Japan for budget support, enhancing fiscal stability. Minister of Finance Mohamed Maait urges Japanese businesses to explore economic opportunities in Egypt, aiming for deeper economic ties. Dialogue between Maait and JBIC Governor highlights Egypt’s proactive...

Read More

Egypt-Kuwait Annual Trade Exchange Stands at USD3 billion

by WAYA Staff - May 1, 2024
Egypt-Kuwait Annual Trade Exchange Stands at USD3 billion

– Annual trade exchange between Egypt and Kuwait: $3 billion. – Kuwait’s investments in Egypt: $15 billion, while Egyptian investments in Kuwait amount to $1.1 billion. – Kuwait ranks third among Egypt’s Arab trade partners and fifth globally in terms...

Read More

Playbook Expands Global Footprint with Acquisition of Queen Mode

by WAYA Staff - May 1, 2024
Playbook Expands Global Footprint with Acquisition of Queen Mode

Playbook acquires Queen Mode, a leading NFT community for women entrepreneurs and executives in the UAE, expanding its global presence and empowering women worldwide. The strategic merger enhances learning and networking opportunities for both communities, fostering innovation and growth among...

Read More