On November 2, 2022, Wemade, a Korean blockchain gaming company, closed a $46 million seed round. Among the groups that have invested in the publisher, Shinhan Asset Management and Kiwoom Securities, but also Microsoft, which has disbursed $14.8 million to help one of the players in blockchain gaming.
Heading towards blockchain and cryptocurrencies for Korean publisher Wemade
Founded in 2000, Wemade is a video game developer best known for its multiplayer video game (MMORPG) series Legend of Mir, which has attracted more than 120 million players in Asia. In order to diversify, the firm launched in July 2022, a blockchain gaming platform called Wemix. It offers a catalog of around twenty video games, the possibility of acquiring NFTs in connection with its video game titles or small bonuses allowing you to obtain an advantage over other players.
Confident in its blockchain development strategy, the company has also launched its own stablecoin, a cryptocurrency whose value is adjusted according to the rate of the US dollar. It is called Wemix and can be used in the platform recently developed by Wemade.
According TechCrunch, to further develop in this sector, the company launched a financing round which concluded at the beginning of November with a total amount of 46 million dollars. Shinhan Asset Management, an asset management company associated with BNP Paribas, invested $21.2 million, while Kiwoom Securites, a company known for providing financial services, contributed $10.5 million. euros.
Microsoft is slowly getting involved in the blockchain
In order to complete this round of financing, it is neither more nor less than Microsoft which has decided to put nearly 15 million dollars to support Wemade. ” This is a significant investment made by reputable financial and strategic investors with a proven track record “, specifies Henry Chang, the CEO of Wemade, in a press release. ” If the Wemix crypto performs successfully as expected, it will not only contribute to the growth of the Wemix ecosystem, but also become a key currency for blockchain transactions. “, he specifies.
More than ever, Microsoft is betting on the world of video games. The firm headed by Satya Nadella could acquire Activision Blizzard, despite the reluctance of the Competition and Markets Authority, the British authority in charge of competition. In addition, it actively scans the ecosystem of Chinese video game publishers in order to find a video game nugget, like Geinshin Impact for Sony’s PlayStation.
When it comes to blockchain and cryptocurrencies, Microsoft hasn’t really made a major investment. Note the acquisition of a stake in ConsenSys, a company developing and providing applications on the Ethereum blockchain mainly. Most recently, in August 2022, Microsoft subsidized Star Heroes, a blockchain game, so they could access tools to help them perfect the game.