Phoenix Group PLC Set to Acquire 25% Stake in Lyvely, a Dubai-based Content Monetisation Platform
Cryptocurrency mining and blockchain firm Phoenix Group PLC has announced its intention to acquire a notable share in Lyvely, a prominent social networking and content monetisation platform headquartered in Dubai.
According to recent disclosures made on the Abu Dhabi Securities Exchange (ADX), Phoenix INV Holdings, a fully-owned subsidiary of Phoenix Group, has inked a subscription and investment agreement as of December 26.
This agreement will pave the way for Phoenix INV Holdings to secure a 25% ownership stake in Lyvely.
Presently, the subsidiary is in the final stages of completing the requisite formalities to finalize this significant transaction.
Lyvely, recognized as a UAE-originated digital platform, specializes in aiding content creators in monetizing their digital footprints.
Beyond its primary offerings, Lyvely also furnishes consumers with tailored experiences and exclusive content. Notably, in a funding round last August, the platform garnered an unspecified investment from Cypher Capital.
These funds are earmarked to further its development endeavors, particularly in the realm of launching a cryptocurrency token.
Expressing enthusiasm about the acquisition, Phoenix Group highlighted its dedication to pioneering innovations that empower content creators and reshape the dynamics of digital interactions.
In an official statement, the company underscored the broader implications of this move, stating, "Our investment in Lyvely signifies more than just acquiring a stake; it symbolizes our deep-rooted belief in the burgeoning digital and creator economy, which stands poised for exponential growth."
These sentiments were echoed by Bijan Alizadehfard, Co-Founder and Group CEO of Phoenix Group, who emphasized the transformative potential of the collaboration between Phoenix and Lyvely.
Cleofe Maceda / Zawya