Microsoft has backed Wemade, a famous video game company that has been putting a lot of money on blockchain in recent years. This is the latest sign that tech giants are becoming more interested in web3.
Wemade, a company in South Korea, said in a press release that Microsoft, Shinhan Asset Management, and Kiwoom Securities helped it raise $46 million in a funding round. It didn’t say what the funding round was called or how much it was worth.
“This is a meaningful investment by reputable financial and strategic investors with proven track records,” said Henry Chang, CEO of Wemade in a statement. “Wemade and Wemix will continue to exert efforts to attract more capital and actively invest to build the global digital economy platform.”
Wemade has been around for more than 20 years, and its best-known game is “The Legend of Mir,” which at one point had more than 200 million signups. It has been looking for ways to use blockchain technology in its new games and services for the past few years. It just put its blockchain, Wemix3.0, on the mainnet and put out a stable coin and a platform for DeFi. The company says it wants to use blockchain technology to transform everyday games and make its Wemix coin a key currency in the blockchain gaming space.
“A new economy platform NILE that supports NFT and DAO will be introduced soon as well. (EOD),” Wemade said in the press release.
In the last few years, a lot of big tech companies and banks, like Microsoft and Google, have put money into the web3 space. Web3 Signals says that Microsoft also has money in ConsenSys, the company behind the MetaMask wallet, enterprise solutions like Infura, the decentralized data warehouse Space and Time, and the NFT studio Palm. The tracker says that Google Ventures has put money into the fraud-detection service Sardine, the trading app Blockchain.com, and the NFT startup YugaLabs.
IMPORTANT DISCLAIMER: All content provided on this website, any hyperlinked sites, social media accounts and other platforms is for general information only and has been procured from third party sources. We make no warranties of any kind regarding this content. None of the content should be interpreted as financial, legal, or other advice meant to be relied on for any purpose. Any use or reliance on this content is done at your own risk and discretion. It is your responsibility to conduct research, review, analyze, and verify the content before relying on it.
