Lyvely, a social monetization forum based in the UAE, has recently announced a remarkable move. As per the company, Ras Al Khaimah Digital Assets Oasis has officially provided a complete operational license to let it undertake non-regulated operations within the SocialFi class. Lyvely mentioned that the respective jurisdiction operates as the earliest and only area where Common Law supports digital asset firms.
Ras AI Khaimah Digital Assets Oasis Offers Operational License to Lyvely
According to the firm, Phoenix Group (an openly listed corporation leveraging blockchain technology) backs the project. In addition to this, Cypher Capital (a prominent Web3 investment entity) also supports Lyvely. With such significant backing, Lyvely targets to revolutionize the worldwide creator economy of up to $250 billion. The platform emerged in the last year under Dave Catudal and Farah Zafar who are entrepreneurs dealing with tech wellness.
Both the entrepreneurs established the project to strengthen the digital creators. The respective creators range between celebrity influencers and online brands. The platform offers a package of fintech services. As a result of this, Lyvely permits brands and creators to leverage digital presence through monetization features. They include social commerce, paid communities, and content memberships.
RAK DAO operates in the Ras Al Khaimah Emirate of the UAE. It focuses on fortifying the upcoming generation of worldwide entrepreneurial talent for the development of transformative solutions. It also intends to shape the future of the Web3 economies and businesses dealing with digital assets. The respective license denotes a well-known landmark in the operational roadmap of Lyvely.
Now, it can provide its services as a tech venture that launched and expanded in the UAE. The operational license enables the firm to work within a recognized and secure environment. RAK DAO’s CEO “Dr. Sameer Al Ansari” also commented on this development. According to the executive, this move signifies the organization’s determination to nurture advanced digital asset entities in the MENA zone.
The Platform Schedules the Launch of a Mobile App for Q4 2024
The executive added that RAK DAO and Lyvely’s have a mutual mission to push forward technological development. Apart from that, Lyvely’s CEO and co-founder Farah Zafar also expressed enthusiasm for this achievement. The executive asserted that, with this license, the company prioritizes adding significant value to the wider digital ecosystem. For this, it enables Web3-driven opportunities for monetization to facilitate under-represented creators. Along with this, Lyvely also has a strategy to launch a mobile app in this year’s 4th quarter.