Discovery World Corp., a luxury resort developer led by the Tiu family, is offloading its cryptocurrency and NFT investments.

This move aims to strengthen the company’s financial position and redirect resources towards its core business.

In a filing with the stock exchange, Discovery World announced that its board unanimously approved a proposal to sell its 70 percent stake in True Ally Ventures Limited for P4.2 million.

True Ally, a British Virgin Islands company, was established to explore the crypto and NFT space through blockchain gaming and metaverse development.

“The sale of shares will raise capital for the corporation, thereby improving its balance sheet and avoiding recognition of loss from the investment,” said Discovery World.

This strategic shift allows Discovery World to concentrate on its core competencies in resort development through brands such as Discovery Shores Boracay and Club Paradise Palawan. It is also engaged in the cruise business through Discovery Fleet.

Discovery World operates “Shoppes at Vanilla Beach,” a retail strip in El Nido.

The company owns properties in San Vicente, Palawan; La Trinidad, Benguet; Siargao, Surigao del Norte; and El Nido, Palawan.