Wemade bets the farm on blockchain with Wemix 3.0

An image of Wemix 3.0, the new live blockchain network developed by Wemade [WEMADE]

Wemade released Wemix 3.0, its own live blockchain network for connecting blockchain services, on Thursday.

The new live blockchain, otherwise known as a mainnet, will be the bridge for Wemade’s three upcoming blockchain services: the Wemix Play blockchain gaming platform, the Nile non-fungible token (NFT) service, and the WEMIX.Fi decentralized financial (DeFi) service.

Before Wemix 3.0, Wemade’s blockchain services were operated on Kakao’s Klaytn network.

In tandem with the Wemix 3.0 release, Wemade will issue new Wemix coins to be traded on Wemix 3.0. The existing Wemix tokens will be renamed Wemix Classic to distinguish them from the new cryptocurrency.

Wemix coins have lost more than 80 percent of their value since peaking in November 2021. The company’s stock is down about 75 percent this year and fell 6.2 percent in trading on Thursday.

The company reported a loss of 32 billion won ($22.4 million) in the second quarter on a net basis.

The cover of the Middle East edition of Entrepreneur Magazine with Wemade CEO Chang Hyun-guk [ENTREPRENEUR]

Wemade is in talks with trading platforms to allow Wemix Classic owners to migrate their tokens to Wemix coins, the company said. The company will also issue a new stablecoin called WEMIX$ on Saturday. It will be linked to the USD Coin (USDC) digital dollar.

Wemade has been accelerating its global expansion in recent months, especially when it comes to blockchain services. The company is best known for its Mir massively-multiplayer online roleplaying game (MMORPG) franchise.

The company opened a Dubai branch last May, the first for a local gaming company, “a region with a vibrant blockchain community,” according to Wemade. The new Dubai office and the existing Singapore branch will focus on blockchain projects, supported by the offices in China, Japan and the US.

Wemade released its new blockchain MMORPG Mir M on June 23 in Korea, which will be released globally later this year.

“By putting all our efforts into blockchain technology, we aim to become the default global open blockchain game platform, allowing hundreds of new games to come onboard our platform every year, benefiting from blockchain technology and our ecosystem even without prior knowledge of blockchain. space,” Chang said in an interview with the Middle East edition of Entrepreneur Magazine.

BY YOON SO-YEON [[email protected]]