Phoenix Group Ventures into Web3 Gaming with Acquisition of Rekt Studios Stake
Abu Dhabi-based cryptocurrency firm Phoenix Group has made a strategic move into the Web3 gaming sector with its recent acquisition of a 12.5% stake in Rekt Studios, a leading company based in the UAE. The acquisition, executed through Phoenix Group’s subsidiary, Phoenix INV Holdings, marks a notable expansion beyond the company’s traditional cryptocurrency mining activities.
While the financial details of the transaction have not been disclosed, the collaboration highlights Phoenix Group’s commitment to diversifying its investment portfolio and exploring new avenues within the rapidly evolving blockchain and gaming industries.
Rekt Studios is widely recognized for its expertise in developing immersive Web3 gaming experiences and virtual environments. By partnering with Rekt Studios, Phoenix Group aims to leverage its innovative capabilities to revolutionize the gaming landscape and empower gamers worldwide.
Elie Rizk, Founder and CEO of Rekt Studios, expressed optimism about the partnership, emphasizing its potential to drive significant growth and innovation within the gaming sector. The collaboration between Phoenix Group and Rekt Studios is poised to unlock new opportunities for gamers to own, manage, and monetize their gaming experiences in the burgeoning Web3 ecosystem.
