Ras Al Khaimah Digital Assets Oasis (RAK DAO), the world’s first free zone established to support digital assets companies, granted Lyvely permission to perform any non-regulated activities under the category of SocialFi.
This is the first ever SocialFi licence granted in the region.
Backed by Phoenix Group and Cypher Capital, Lyvely aims to disrupt the $250 billion global creator economy.
Founded in 2023 by Farah Zafar and Dave Catudal, it designs to empower all digital creators through monetisation features.
Digital monetisation platform Lyvely secures operational license
The social monetisation platform based in the United Arab Emirates, has been awarded a full operational license from Ras Al Khaimah Digital Assets Oasis.
Farah Zafar, Lyvely Co-founder and CEO said: “We are proud to be a homegrown brand, building for the global creator and freelance economy from the shores of UAE. As a SocialFi platform licensed under RAK DAO, we envision adding immense value to the digital ecosystem by enabling web3-powered monetisation avenues for under-represented digital creators and everyone who seeks to build a more profitable digital presence.
“Our strategic association with RAK DAO signals our intent to amplify our impact among the web3 community, while simultaneously adding to the massive economic potential of UAE and the wider MENA region.”
Having registered impressive early traction, the platfrom plans to release its mobile app in the fourth quarter of 2024 followed by a token launch.
“RAK DAO is thrilled to welcome Lyvely as a licensed SocialFi platform within our innovative ecosystem. This milestone underscores our commitment to nurturing cutting-edge digital assets companies in the MENA region. Lyvely’s vision to empower digital creators with advanced monetisation tools aligns with our mission to drive technological advancement in the region,” Dr. Sameer Al Ansari, CEO of RAK DAO added.
Follow us on
