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Manila Bulletin devider Business devider The Stock Market devider Discovery World gives up cryptocurrency venture

Discovery World gives up cryptocurrency venture

Published Jul 19, 2024 12:38 am

After two-and-a-half years, resorts owner Discovery World Corporation (DWC) of the Tiu family has given up on its foray into the cryptocurrency and non-fungible token (NFT) space by selling its investment vehicle.

In a disclosure to the Philippine Stock Exchange (PSE), the firm said its board of directors met on July 18, 2024 and unanimously approved the proposal to sell the corporation’s shares held in True Ally Ventures Limited for P4.2 million.

DWC owns 70 percent of True Ally, a corporation registered in the British Virgin Islands for the purpose of venturing into the cryptocurrency and non-fungible token space through blockchain gaming and other various related services contributing to building the open metaverse.

“The sale of shares will raise capital for the Corporation, thereby improving its balance sheet and avoiding recognition of loss from the investment," DWC said.

“The sale will also allow the Corporation to focus on its core operations and competencies thereby streamlining its operations and concentrate resources on areas where it has a competitive advantage,” it added.

In December 2021, DWC disclosed its P4.2 million investment in True Ally with a local partner, information technology company Safegate Solutions, Inc., which held a 30 percent stake in the venture.

“True Ally will venture into the cryptocurrency and NFT space through blockchain gaming and other various related services contributing to building the open metaverse,” DWC said, noting that cryptocurrency and NFT were a “fast-growing sector.”

True Ally was supposed to initially focus on the blockchain gaming ecosystem as well as “pursue other identified opportunities that may further deliver great value to its shareholders.”

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