6.4 C
London
Tuesday, November 29, 2022

Microsoft backs game developer Wemade in web3 push • londonbusinessblog.com

Must read

Former Trump deputy chief of staff Ornato, a key witness on January 6, appears before the House committee

WASHINGTON — Tony Ornato, who served as White House deputy chief of staff under Donald Trump, is expected to appear Tuesday for an interview...

We review Abby, a streamlined, one-plant weed grow for your apartment • londonbusinessblog.com

abbey started being selling about 120 of its "All-In-One Smart Hydroponic Grow Box" on Kickstarter, with a relatively modest $100,000 raised on the crowdfunding...

Mixed demand trends for cars in November as festive boost wears off but signs of recovery visible in rural areas

Indian auto companies are looking at mixed demand momentum after feeling upbeat in October following the festive seasonal boost. Due to the festive...

The Antler Investor Memo Series: Acanthis helps small business owners understand the fundamentals of their success

Early-stage investment firm Antler Australia recently backed a new cohort of startups as part of its ongoing program to build great local tech companies. Startup...
Shreya Christinahttps://londonbusinessblog.com
Shreya has been with londonbusinessblog.com for 3 years, writing copy for client websites, blog posts, EDMs and other mediums to engage readers and encourage action. By collaborating with clients, our SEO manager and the wider londonbusinessblog.com team, Shreya seeks to understand an audience before creating memorable, persuasive copy.

Microsoft backs Wemade, a popular video game developer that has been making aggressive bets on blockchain in recent years, the latest sign that tech giants are showing a growing interest in web3.

South Korea’s Wemade said in a press release that it has raised $46 million from Microsoft, Shinhan Asset Management and Kiwoom Securities. In a regulatory submissionWemade announced that it is raising capital through the sale of convertible bonds.

“This is a meaningful investment by reputable financial and strategic investors with a proven track record,” Wemade CEO Henry Chang said in a statement. “Wemade and Wemix will continue their efforts to raise more capital and invest actively to build the global platform for the digital economy.”

Founded over two decades ago, Wemade is best known for its title, “The Legend of Mir,” which at one point had over 200 million signups.

In recent years, Wemade has been exploring ways to incorporate blockchain technology into its new titles and offerings. It recently launched its blockchain Wemix3.0 to mainnet and launched a stablecoin and a DeFi platform. The company says it aims to “transform everyday games with blockchain technology and establish its Wemix coin as a major currency in the blockchain gaming space.”

“A new economy platform NILE that supports NFT and DAO will also be introduced shortly. (EOD),” Wemade said in the press release.

Numerous tech giants, including Microsoft and Google, and legendary banks have made a series of investments in the web3 space in recent years. Microsoft is also an investor in ConsenSys, the company behind MetaMask wallet and business solutions such as Infura, as well as decentralized data warehouse Space and Time and NFT studio Palm, according to Web3 signals. Google Ventures supports fraud detection service Sardine, trading app Blockchain.com and NFT startup YugaLabs, the tracker said.

Microsoft, which operates the Xbox gaming ecosystem, has invested $14.8 million in Wemade through the purchase of convertible bonds, Shinhan $21.2 million and Kiwoom $10.5 million, official filings show.

Kate Park contributed to this report.

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest article

Former Trump deputy chief of staff Ornato, a key witness on January 6, appears before the House committee

WASHINGTON — Tony Ornato, who served as White House deputy chief of staff under Donald Trump, is expected to appear Tuesday for an interview...

We review Abby, a streamlined, one-plant weed grow for your apartment • londonbusinessblog.com

abbey started being selling about 120 of its "All-In-One Smart Hydroponic Grow Box" on Kickstarter, with a relatively modest $100,000 raised on the crowdfunding...

Mixed demand trends for cars in November as festive boost wears off but signs of recovery visible in rural areas

Indian auto companies are looking at mixed demand momentum after feeling upbeat in October following the festive seasonal boost. Due to the festive...

The Antler Investor Memo Series: Acanthis helps small business owners understand the fundamentals of their success

Early-stage investment firm Antler Australia recently backed a new cohort of startups as part of its ongoing program to build great local tech companies. Startup...

Apple Music’s year-end review, Replay, is slightly better this year

The best of 2022 lists and year-end recaps are just around the corner, including Spotify Wrapped, the streaming platform's flashy interactive feature that's become...