Lyvely Becomes MENA's First Licensed SocialFi Platform
Phoenix Group recently acquired 25% of Lyvely.
Lyvely, a UAE-based social networking and social e-commerce platform, has secured a full operational license from Ras Al Khaimah Digital Assets Oasis (RAK DAO), making it the first licensed SocialFi platform in the MENA region. This license allows Lyvely to engage in non-regulated activities within the SocialFi category.[1]
Founded in 2023 by Farah Zafar and Dave Catudal, Lyvely aims to disrupt the $250 billion global creator economy. Backed by Phoenix Group and Cypher Capital, the platform recently raised $6 million in a strategic investor round for its upcoming token launch. Lyvely offers a suite of fintech features, enabling creators to monetize through content memberships, paid communities, and social commerce.
RAK DAO, the world's first Free Zone with Common Law features, supports digital assets companies with a transparent legislative framework. This new license marks a step in Lyvely's operational roadmap as it prepares to release its mobile application during the fourth quarter (Q4) of 2024.
Phoenix Group, a multi-billion-dollar cryptocurrency mining and blockchain company listed on the Abu Dhabi Securities Exchange (ADX), recently acquired 25% of Lyvely. Known for its blockchain and crypto expertise, Phoenix Group operates nine mining facilities globally and drives innovation through strategic partnerships.
The transaction is facilitated by Phoenix INV Holdings, a wholly owned subsidiary of Phoenix Group, which formally entered into a subscription and investment agreement on December 26th.