June 5, 2023
microsoft wemade

Microsoft backs Wemade’s blockchain push in $46M investment round CryptoBlog

Software giant Microsoft has invested $14.8 million in Wemade, a Korean blockchain gaming services company that recently launched its own stablecoin, named Wemix. The company was part of a $46 million investment round, which also saw the participation of two other companies: Shinhan Asset Management and Kiwoom Securities.

Microsoft backs Korea-based game company Wemade

Microsoft participated in a $46 million investment round to support Korea-based blockchain gaming operator Wemade. The round, which involved the sale of convertible bonds by Wemade, saw Microsoft buy $14.8 million worth of those bonds. Two other companies also participated – Shinhan Asset Management and Kiwoom Securities – with bond purchases of $21.2 million and $10.5 million respectively, according to regulatory filings.

Founded in 2000 and having operated more than 20 blockchain games, Wemade sees this development as a great success, especially in the troubling economic times the cryptocurrency industry is going through. In a press release, Wemade CEO Henry Chang said:

This is a significant investment by reputable, proven financial and strategic investors. Wemade and Wemix will continue their efforts to attract more capital and actively invest to build the global digital economy platform.

Stablecoins in addition to games

Although Wemade primarily focuses on its gaming operations, the company is also establishing a token economy through its gaming properties. On October 22, Chang launched the company’s own stablecoin, called Wemix, with the aim of establishing it as an important part of the gaming ecosystem in the region.

The stablecoin, which is pegged to the US dollar, is fully backed by USDC and operates through a balancing protocol called Dios, which is designed to allow the price to hold even when the asset faces periods of demand. peak. During this experimental launch, Chang said:

If Wemix performs successfully as expected, it will not only contribute to the growth of the Wemix mainnet ecosystem, but also become a key currency for blockchain transactions.

While Microsoft’s Phil Spencer has been critical of what emerging technologies like play-to-win models, NFTs and the metaverse are bringing to the traditional gaming table, it hasn’t affected moves regarding other companies in the industry. On August 5, Star Heroes, a blockchain-based game still in development, received a grant from Microsoft to access tools available to other AAA game developers.

What do you think of Microsoft’s investment in Korean company Wemade? Tell us in the comments section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late in the game, entering the cryptosphere when the price spike happened in December 2017. Having a background in computer engineering, living in Venezuela and impacted by the cryptocurrency boom at the social, it offers a different point of view. on the success of crypto and how it helps the unbanked and underserved.

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