Discovery World group drops crypto, blockchain ambitions | ABS-CBN
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Discovery World group drops crypto, blockchain ambitions
Discovery World group drops crypto, blockchain ambitions
ABS-CBN News
Published Jul 19, 2024 10:05 AM PHT
MANILA -- Resorts developer Discovery World Corporation is set to sell its 70 percent stake in True Ally, a corporation registered in the British Virgin Islands.
MANILA -- Resorts developer Discovery World Corporation is set to sell its 70 percent stake in True Ally, a corporation registered in the British Virgin Islands.
The shares will be sold at P4.2 million.
The shares will be sold at P4.2 million.
Discovery World owns 70 percent of the shares in True Ally because it hoped to get into the cryptocurrency and non-fungible token space through blockchain gaming and other related services contributing to building the open metaverse.
Discovery World owns 70 percent of the shares in True Ally because it hoped to get into the cryptocurrency and non-fungible token space through blockchain gaming and other related services contributing to building the open metaverse.
The company said the sale will help it raise capital and improve its balance sheet while avoiding the recognition of loss from the investment.
The company said the sale will help it raise capital and improve its balance sheet while avoiding the recognition of loss from the investment.
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It will also allow the firm to streamline resources to areas where it has a competitive advantage.
It will also allow the firm to streamline resources to areas where it has a competitive advantage.
The company runs Discovery Shores Boracay and other resorts around the Philippines.
The company runs Discovery Shores Boracay and other resorts around the Philippines.
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