Phoenix Group Diversifies Holdings, Acquires Stake in Rekt Studios

Phoenix Group Diversifies Holdings, Acquires Stake in Rekt Studios

By Staff Writer, 10 May 2024

Phoenix Group, a prominent player in the cryptocurrency mining and blockchain realm based in the UAE, has made a strategic move by acquiring a 12.5% stake in Rekt Studios, a company specializing in Web3 gaming and entertainment.

The acquisition, facilitated through Phoenix Group's fully owned subsidiary, Phoenix INV Holdings, marks a notable expansion beyond the domain of cryptocurrency mining, as announced on Tuesday.

In a statement, Phoenix Group highlighted the significance of the deal, emphasizing its commitment to pioneering advancements in Web3 gaming.

The move signifies a calculated step forward for the Abu Dhabi-listed company, positioning itself at the forefront of the evolving landscape of blockchain-based entertainment.

Although specific financial details of the transaction were not disclosed by Phoenix Group, the investment underscores the company's strategic vision to diversify its investment portfolio and capitalize on emerging trends within the technology and entertainment sectors.

Rekt Studios, headquartered in the UAE, specializes in developing highly immersive and interactive Web3 games, experiences, and virtual environments, as outlined on its LinkedIn profile.

With this partnership, both Phoenix Group and Rekt Studios are poised to revolutionize the gaming industry by introducing innovative models that empower gamers to not only engage but also own, manage, and monetize their gaming experiences.

Elie Rizk, Founder and CEO of Rekt Studios, expressed optimism about the venture's potential to reshape the gaming landscape, emphasizing the opportunities it presents for gamers to participate in a more decentralized and rewarding gaming ecosystem.

The collaboration between Phoenix Group and Rekt Studios represents a significant synergy between traditional financial entities and emerging technologies, signaling a paradigm shift in the gaming and entertainment sectors towards decentralized and community-driven models.

Source: Cleofe Maceda / Zawya

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