Newly listed crypto conglomerate Phoenix Group will acquire a 25% stake in UAE-based content monetization platformLyvely for an undisclosed sum, according to an ADX disclosure (pdf). Phoenix is currently running through the regulatory requirements to finalize the agreement. Phoenix announced its plan to invest in Lyvely in a press release on Saturday.

What they said: “We are proud to invest in Lyvely, a UAE homegrown platform, which represents a revolutionary fusion of Web 2 and Web 3 capabilities, poised to redefine how creators and consumers interact in the digital space,” said Phoenix Co-founder Bijan Alizadehfard.

About Lyvely: Founded this year by Farah Zafar (LinkedIn) and Dave Catudal (LinkedIn),Lyvely provides content creators with a blockchain-based integrated payment solution, with plans to develop a credit card and digital currency in 1Q 2024. The company raised an undisclosed seed round from early stage venture capital firm Cypher Capital in September.

REMEMBER- Investors welcomed Phoenix ’s ADX debut at the start of the month, with shares soaring 35% on the first day of trading. The company owns 23 businesses and nine mining facilities in the US, Canada, CIS, and the UAE, with a USD 2 bn crypto mining farm in the UAE, one of the largest in the Middle East.