Phoenix Group PLC acquires 12.5% stake in REKT Studios to drive Web3 gaming innovation

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United Arab Emirates, Dubai: Phoenix Group PLC (ADX: PHX), the leading Abu Dhabi-based blockchain and crypto mining entity, today announced a significant acquisition of a 12.5% stake in REKT Studios, a pioneering Web3 game development studio, through Phoenix INV Holdings Limited, a fully owned subsidiary.

This strategic investment marks a bold step for Phoenix Group, signifying its expansion beyond cryptocurrency mining and into the exciting realms of Web 3.0 and gaming. The move underscores the company's commitment to diversifying its portfolio and embracing the immense potential of the future of gaming.

Phoenix Group's extensive experience and network within the cryptocurrency domain provide a strategic advantage for this collaboration. This partnership goes beyond a financial investment; It signifies a powerful alliance poised to reforge the web3 gaming industry, heralding a new era of groundbreaking innovation and transformative player experiences.

Mr. Seyed Mohammad Alizadehfard (Bijan), Co-founder & Group CEO, “We are thrilled to share the news of this acquisition, which catapults Phoenix Group to the forefront of the burgeoning Web3 gaming revolution. REKT Studios' innovative approach and dedication to crafting immersive gaming experiences perfectly align with our vision for the future."

REKT Studios, UAE-based and founded in 2021, is a powerhouse in the MENA region's entertainment scene, with a global ambition to become a leader in Web3 gaming, and pioneers immersive gaming experiences and cutting-edge products.

Mr. Elie Rizk, Founder & CEO of Rekt Studios, "We are incredibly enthusiastic about partnering with the Phoenix Group. Their partnership will be invaluable as we develop 'The Unseen' and solidify our position as a leader in Web3 gaming. This collaboration will open new doors for gamers to own, manage, and monetize their gaming experiences. We are set to revolutionize the gaming industry, making it more immersive, interactive, and rewarding for our community."

Over the past year, REKT Studios has devoted immense efforts to the development of their flagship project, "Unseen." This groundbreaking, gamified virtual ecosystem integrates gaming, and immersive experiences, all powered by blockchain technology, promising a new frontier in digital interaction.

Phoenix Group’s acquisition marks a significant stride towards pioneering in Web3 gaming, amplifying the excitement for players worldwide and underscoring a commitment to shaping the future of the industry.

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About Phoenix Group:

Phoenix Group PLC, a multi-billion-dollar tech powerhouse headquartered in the UAE, leads the forefront of the blockchain, crypto, and tech revolution, driving innovation to new heights. In 2017, Bijan Alizadehfard and Munaf Ali laid the foundation for what would evolve into the Phoenix Group – a conglomerate comprising several thriving businesses. Beyond the web3 sphere, they offer comprehensive solutions, boast a 765MW mining operation, and fuel growth through strategic partnerships and innovation. Phoenix Group operates nine mining facilities in the US, Canada, CIS, and the UAE, with each unique company operating in one of four distinct verticals: Mining, Hosting, Trading, and Investments.

Phoenix Group PLC is the region's first privately owned crypto and blockchain conglomerate listed on the Abu Dhabi Securities Exchange. It also runs the largest mining farm in the MENA region.

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