Ras Al Khaimah, July 2: Lyvely, a UAE-based social monetization platform, has received a full operational license from Ras Al Khaimah Digital Assets Oasis (RAK DAO).
This Free Zone, noted for its Common Law features, supports digital assets companies and allows Lyvely to engage in non-regulated SocialFi activities.
Lyvely, founded in 2023 by Farah Zafar and Dave Catudal, aims to revolutionize the $250 billion global creator economy.
The platform, backed by Phoenix Group and Cypher Capital, provides digital creators and brands with monetization tools like content memberships, paid communities, and social commerce.
RAK DAO, established to foster innovative digital assets businesses and Web3 economies, marks Lyvely’s operational milestone as a homegrown UAE tech startup.
The SocialFi license ensures Lyvely operates in a secure, recognized environment
Dr. Sameer Al Ansari, CEO of RAK DAO said: “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 monetization tools aligns with our mission to drive technological advancement in the region.”
Farah Zafar, Co-founder and CEO of Lyvely, added: “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 monetization 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.”
Lyvely is set to release its mobile application in Q4 2024, followed by a token launch.
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