Case study · Investment Banking · Ecosystem expansion
Two acquisitions to a complete decentralized engagement ecosystem.
At a glance
The mandate
Cleo.xyz — the engagement platform behind Zenko Protocol — engaged the firm to expand from token-powered engagement into a full-stack decentralized ecosystem: a virtual world to host experiences and a media layer to broadcast them.
The transactions
GDA led the acquisition of Pavia.io, the first metaverse platform on the Cardano blockchain, bringing virtual land and experience venues into the group (2024). The firm then led the acquisition of the assets and intellectual property of Script Network (script.tv), the watch-to-earn live television and decentralized broadcasting protocol (2025), announced with the firm's partners named in the release.
The outcome
Three platforms, one thesis: Zenko's engagement rewards, Pavia's virtual world, and Script's broadcast layer combine into a decentralized engagement ecosystem — audiences earn across all three surfaces. The mandate demonstrates the firm's core buy-side product for platform companies: acquiring capabilities as a sequence, not a wish list.
Ecosystems are acquired in sequence: the world first, then the broadcast layer — each deal priced by what the last one unlocked.
Outcome
GDA-led acquisitions
Platforms in the ecosystem
Years, mandate to completion