South Korean game publisher Wemade launched a $100 million blockchain investment fund

South Korean game publisher Wemade has launched a $100 million Web3 fund with Singapore-based investment firm Whampoa Digital, Wemade announced Friday.

The two companies have established the Wemade Web3 Fund to invest primarily in blockchain gaming projects in the Middle East region. The fund was established to help accelerate the adoption of blockchain, according to the announcement.

Wemade is building the Wemix Play Center, a blockchain gaming-focused business space at Dubai's DIFC Innovation Center. According to the announcement, blockchain game companies and projects receiving grants from the fund are expected to set up office spaces in Wimix Play Center.

“This partnership will allow us to create new insights in the digital asset industry beyond established sectors, as well as drive innovation in the Web3 space in the Middle East, one of the world's fastest growing regions,” said Whampoa Group Senior Partner. Aureole Foong, in statement.

“In our collaboration with Whampoa Digital, a major investment company in Singapore, we strive to share important insights related to blockchain technology, each party brings their special knowledge to the partnership,” Wemade CEO Henry Chang, in a statement.

Although South Korea blockchain game blockSeveral studios in the country are actively developing blockchain games for export. A Wemade representative said earlier. Decrypt At the 2023 Game Developers Conference, the studio was developing several blockchain-powered adaptations of existing games—but it won't be releasing them in Korea.

The South Korean government has been Fighting blockchain games In her country at least from early 2021. In January 2023, Court for Gameplay five stars; Unable to release It is because NFTs have introduced financial speculation in the country.

Wemade's Wemix Play platform is a site that features a selection of blockchain gaming tokens and also hosts its own gaming NFT marketplace. Wemade makes both PC and mobile games, but is primarily known for the free-to-play MMORPG PC game Legend of Mir and its two sequels.

Edited by Andrew Hayward.