After two-and-a-half years, resorts proprietor Discovery World Company (DWC) of the Tiu household has given up on its foray into the cryptocurrency and non-fungible token (NFT) house by promoting its funding automobile.
In a disclosure to the Philippine Inventory Trade (PSE), the agency mentioned its board of administrators met on July 18, 2024 and unanimously authorised the proposal to promote the company’s shares held in True Ally Ventures Restricted for P4.2 million.
DWC owns 70 p.c of True Ally, a company registered within the British Virgin Islands for the aim of venturing into the cryptocurrency and non-fungible token house via blockchain gaming and different varied associated companies contributing to constructing the open metaverse.
“The sale of shares will increase capital for the Company, thereby enhancing its stability sheet and avoiding recognition of loss from the funding,” DWC mentioned.
“The sale may also enable the Company to deal with its core operations and competencies thereby streamlining its operations and focus assets on areas the place it has a aggressive benefit,” it added.
In December 2021, DWC disclosed its P4.2 million funding in True Ally with a neighborhood companion, info know-how firm Safegate Options, Inc., which held a 30 p.c stake within the venture.
“True Ally will venture into the cryptocurrency and NFT house via blockchain gaming and different varied associated companies contributing to constructing the open metaverse,” DWC mentioned, noting that cryptocurrency and NFT have been a “fast-growing sector.”
True Ally was speculated to initially deal with the blockchain gaming ecosystem in addition to “pursue different recognized alternatives which will additional ship nice worth to its shareholders.”