Cryptocurrency Miner Phoenix Group to Acquire 25% of Lyvely
In a milestone last August, Lyvely secured an undisclosed sum in seed funding from early-stage VC Cypher Capital.
Phoenix Group PLC, a cryptocurrency mining and blockchain company, is gearing up to secure a 25% shareholding in the Dubai-based social networking and content monetization platform, Lyvely.[1]
The transaction will be facilitated by Phoenix INV Holdings, a wholly owned subsidiary of Phoenix Group, which formally entered into a subscription and investment agreement on 26 December.
Lyvely, a Dubai-based social networking and social e-commerce platform, helps content creators monetize their online presence. It also extends exclusive access and personalized experiences to consumers. It aims to compete with Big Tech to direct payments to users instead of tech companies. It also has an exclusive Lyvely creator-centric credit card, which gives content creators a place to store and oversee earnings generated through the platform.
In a milestone last August, the platform secured an undisclosed sum in seed funding from Cypher Capital, an early-stage venture firm that invests in tech companies that enhace the Web3 experience, which was earmarked for the development of a cryptocurrency token. Additionally, Cyper Capital Chairman Bill Qian, and Bijan Alizadeh, co-founder of Phoenix Group and co-founder of Cyper Capital, joined Lyvely's advisory board. [2]