UAE's Phoenix Group Acquires 12.5% Stake in Rekt Studios
Founded in 2021 by Elie Rizek, Rekt Studios provides developers and designers with tools to develop blockchain-based products.
Abu Dhabi-based cryptocurrency firm Phoenix Group has acquired a 12.5% stake in UAE-based Web3 gaming and entertainment startup Rekt Studios.[1]
The move is facilitated through Phoenix Group's fully owned subsidiary, Phoenix INV Holdings, and the precise financial details of the transaction remain undisclosed.
Founded in 2021 by Elie Rizek, Rekt Studios provides developers and designers with tools to develop blockchain-based products.
In 2022, Rekt Studios has secured $1.5 million in funding from Cypher Capital to develop its gaming metaverse ecosystem, Unseen.[2]
Unseen is a virtual environment focused on gaming designed to be directly accessible through the ownership of any Non-Fungible Token (NFT) that is compatible with Ethereum Virtual Machines (EVMs).