ARAX Holdings acquires 20% stake in Nemesis’ blockchain-based Metaverse

ARAX Holdings Corp., a renowned company in the field of digital asset management, announced on December 5 that it has acquired a portion of The Nemesis, an innovative open world metaverse platform.

Ockert Loubser, COO of ARAX, said:

“This acquisition is not just an investment. “This is our commitment to shaping the future of how we interact in the digital world.”

ARAX said it had acquired a 20% stake in The Nemesis, adding that it also has an option to acquire an additional 11% stake in the company.

As part of the deal, The Nemesis will deploy Core Blockchain, a platform from ARAX’s recently acquired subsidiary Core Business Holdings. ARAX separately announced the distribution of native core tokens last November.

The current transaction also includes CorePass, the official wallet for Core Coin and Core Token. As part of the agreement, ARAX will work with The Nemesis to develop a connector to CorePass using the Unity SDK.

ARAX also added that the strategic partnership will expand ARAX’s digital asset and management capabilities through the Core Business Holdings ecosystem by increasing demand for Core Token and Core Coin.

The company added that the deal will help it communicate with customers. ARAX outlined possible developments related to fintech, healthcare, hospitality solutions and industry solutions.

What is Nemesis?

Nemesis is a metaverse platform that uses an Ethereum-based token called NEMS as a payment and in-game reward token. Nemesis additionally uses non-fungible tokens (NFTs) to represent ownership of virtual land, collectible companion characters, and in-game cars.

According to ARAX’s announcement, the number of monthly active users in the Metaverse sector is approximately 400 million. He added that according to external statistics, by the mid-2030s, the metaverse could have an economic impact of 489 billion euros in the EU and $760 billion in the United States.