25 percent of Lyvely acquired by blockchain & cryptocurrency mining firm Phoenix

Phoenix Group PLC, a blockchain and cryptocurrency mining company, is going to buy a sizable portion of Lyvely, a social networking and content monetization platform based in Dubai.

Phoenix INV Holdings, a wholly owned subsidiary of Phoenix Group, entered into a subscription and investment agreement on December 26 to acquire a 25% stake in Lyvely, according to a disclosure on the Abu Dhabi Securities Exchange (ADX).

At present, the subsidiary is finishing up all the necessary steps to finalize the deal.

One local platform in the UAE called Lyvely assists content creators in making money from their online presence. Customers can also enjoy personalized experiences and exclusive access.

The platform obtained seed funding from Cypher Capital in August of last year for an undisclosed sum, which will be utilized to create a cryptocurrency token.

Phoenix said in a separate statement that the acquisition will strengthen its commitment to advancing innovation that will empower creators and reshape social interaction in the future.

“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.