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Software giant Microsoft has invested $14.8 million in Wemade, a Korea-based blockchain gaming service company that recently launched its own stablecoin, called Wemix. The company was part of a $46 million investment round, which also included two more companies: Shinhan Asset Management and Kiwoom Securities.
Microsoft has participated in a $46 million investment round to back Korea-based blockchain gaming operator Wemade. In the round, which involved Wemade selling convertible bonds, Microsoft bought $14.8 million in 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, more than in the difficult economic times that the cryptocurrency industry is going through. In a press release, Wemade CEO Henry Chang stated:
This is a meaningful investment by recognized financial and strategic investors with documented results. Wemade and Wemix will continue to work to attract more capital and actively invest to build the global digital economy platform.
Although Wemade’s primary focus is on the gaming business, the company also establishes a token economy via its gaming properties. On October 22, Chang launched the company’s own stablecoin, called Wemix, with the goal of establishing it as an important part of the gaming ecosystem in the region.
The stablecoin, which is pegged to the US dollar, is backed entirely in USDC and operates through a balancing protocol called Dios, which is designed to allow its price to be maintained even if the asset faces periods of high demand. On this experimental launch, Chang stated:
If Wemix works as planned, it will not only contribute to the growth of the mainnet ecosystem of Wemix, but also become a key currency for blockchain transactions.
While Microsoft’s Phil Spencer has been critical of what emerging technologies such as play-to-earn models, NFTs and the metaverse bring to the traditional gaming table, this has not affected the moves of other companies in the sector. On August 5, Star Heroes, a blockchain-based game still in development, received a Microsoft grant to access tools available to other AAA game developers.
What do you think of Microsoft’s investment in Korea-based Wemade? Tell us in the comments section below.
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