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Gungun Bhatia
Nov 3, 2022
by Gungun Bhatia

Microsoft Supports Wemade in Campaign for Web3 Technology

Microsoft Wemade

Table of contents

  1. Wemade Announces Acquisition
  2. Addition of Blockchain Technology
Microsoft has financed Wemade, a prominent video game company that has made significant investments in blockchain in past years, the latest indication of IT behemoths' rising interest in web3. Wemade, a company established in 2000, provides support for a number of games, including MIR4, based on the well-known Legend of Mir series IP. Since the business joined the blockchain sector in 2018, MIR4 Global has emerged as the first well-made mega blockchain game worldwide.

Wemade Announces Acquisition

In a press statement, South Korean company Wemade announced that it received $46 million from Microsoft, Shinhan Asset Management, and Kiwoom Securities. The video game company stated in a regulatory filing that the company is obtaining the funds through the issuance of government debentures.

Henry Chang, the CEO of Wemade, stated that this is a significant investment by renowned financiers and strategic investors with decent track records. Wemade and Wemix will keep attempting to bring in further funding and proactively invest to establish the global digital economy platform.

Addition of Blockchain Technology

The South Korea-based video game company has been investigating methods to include blockchain technology in its new games and services for the past few years. Recently, it released a stablecoin and a DeFi platform with its blockchain Wemix3.0 on the mainnet. According to the business, it wants to change conventional games using blockchain technology and create its Wemix coin as a leading currency in the blockchain gaming market.

In an interview, Phil Spencer, the head of Microsoft's gaming business, highlighted his reservations about NFT partnerships and play-to-earn games. According to regulatory records, Microsoft, which manages the Xbox gaming environment, financed $14.8 million in Wemade through the acquisition of government debentures, $21.2 million in Shinhan, and $10.5 million in Kiwoom.

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Microsoft Supports Wemade in Campaign for Web3 Technology
Gungun Bhatia
Gungun is an enthusiastic writer that likes to create content for various aspects of the blockchain and crypto industry. She carries out extensive research and provides readers with informative and high-quality material.

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