South Korean gaming company Wemade floats $100m web3 fund

Wemade Co., the South Korean video game developer, announced the launch of a $100 million web3 fund in collaboration with Singapore-based investment firm Whampoa Digital.

Fostering web3 adoption

In a collaborative effort, the two companies have formed the Wemade Web3 Fund, dedicated to investing in blockchain gaming projects, particularly focusing on the Middle East region. The fund aims to expedite the adoption of blockchain technology, as stated in the announcement.

Additionally, Wemade is actively constructing the Wemix Play Center, a commercial space centered around blockchain gaming, situated in Dubai’s DIFC Innovation Hub.

As part of the initiative, blockchain gaming entities receiving grants from the fund are anticipated to establish office spaces within the Wemix Play Center. This strategic move aims to foster cross-collaboration and mentorship among the supported companies, according to the announcement.

Whampoa Group Senior Partner Aureole Foong stated in a released statement that the partnership will enable them to lead the way into uncharted territories within the digital asset industry, extending beyond their current established sectors. Additionally, it aims to encourage innovation in the Middle East, recognized as one of the fastest-growing regions in the Web3 space.

Wemade CEO Henry Chang remarked in a statement that, through their collaboration with Whampoa Digital, a prominent investment firm in Singapore, they aim to exchange valuable insights concerning blockchain technology. He highlighted that both parties are contributing their distinctive expertise to enrich the partnership.

Back in March, Wemade entered into a partnership with Space and Time, a decentralized hybrid transactional database and analytic data warehouse.

The collaboration aimed to enhance and broaden the infrastructure for blockchain gaming. Space and Time’s platform integrates on-chain and off-chain data within a single trustless environment, optimizing on-chain gaming experiences. Wemade leveraged Space and Time’s suite of developer tools to empower gamers with increased ownership and control over their digital assets.

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Author: Ogwu Osaemezu Emmanuel

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