Cryptocurrency mining and blockchain company Phoenix Group PLC is set to acquire a significant shareholding in Dubai-based social networking and content monetisation platform Lyvely.

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).

The subsidiary is currently completing all required procedures to complete the transaction.

Lyvely is a UAE homegrown platform that helps content creators monetise their online presence. It also offers consumers exclusive access and personalised experiences.

Last August, the platform secured an undisclosed amount in seed funding from Cypher Capital that will be used to develop a cryptocurrency token.

The acquisition will solidify Phoenix’s commitment to drive innovation that will empower creators and redefine the future of social interaction, the company said in a separate statement.

“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 exponential growth trajectory,” said Bijan Alizadehfard, Co-Founder and Group CEO of Phoenix Group.

(Writing by Cleofe Maceda; editing by Seban Scaria)