UAE's Phoenix acquires 25% stake in Lyvely
The deal is part of Phoenix's commitment to expand its presence beyond cryptocurrency mining into the social media space, allowing it to participate in the creator economy.
UAE-based Phoenix Group has acquired a 25% stake in , a social networking and content monetisation platform, according to a disclosure on the Abu Dhabi Securities Exchange (ADX).
According to a statement released on Wamda, the subsidiary is currently completing all necessary procedures to complete the transaction.
The deal is part of Phoenix's commitment to expand its presence beyond cryptocurrency mining into the social media space, allowing it to participate in the creator economy. The acquisition enables Phoenix to tap into this high-growth segment as content creators and influencers gain more monetisation opportunities.
Lyvely, founded in 2020 by Farah Zafar and Dave Catudal, allows content creators to monetise their online presence and offers exclusive experiences to consumers.
In August, it raised seed funding from Cypher Capital for its cryptocurrency token.
“With Lyvely, we are not just acquiring a stake in a company; we’re investing in the future of the digital and creator economy, which has huge potential and is on an exponential growth trajectory,” said Bijan Alizadehfard, co-founder and group CEO of Phoenix Group.
Phoenix, founded in 2016, is a cryptocurrency service provider offering cloud mining, data center hosting, crypto trading, and Web3 game distribution.
Operating across the UAE, Oman, US, Canada, and Commonwealth of Independent States, they have a 725MW installed capacity for managing crypto mining data centers.
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