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Microsoft invests in Wemade, a blockchain video game publisher

On November 2, 2022, Wemade, a Korean blockchain gaming company, closed a $46 million seed round. Among the groups that have invested in the publisher, Shinhan Asset Management and Kiwoom Securities, but also Microsoft, which has paid out $14.8 million to help one of the players in blockchain games.

Heading towards blockchain and cryptocurrencies for Korean publisher Wemade

Founded in 2000, Wemade is a video game developer best known for its multiplayer video game (MMORPG) series Legend of Mir, which has attracted more than 120 million players in Asia. To diversify, in July 2022 the firm launched a blockchain gaming platform called Wemix. It offers a catalog of around twenty video games, the ability to acquire NFTs associated with its video game titles or small bonuses that allow you to gain an advantage over other players.

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Confident in its blockchain development strategy, the company has also launched its own stablecoin, a cryptocurrency whose value is adjusted to the exchange rate of the US dollar. It is called Wemix and can be used in the platform that Wemade has recently developed.

According to TechCrunch, to develop further in this sector, the company launched a financing round, which ended in early November with a total amount of 46 million dollars. Shinhan Asset Management, an asset management company affiliated with BNP Paribas, invested $21.2 million, while Kiwoom Securites, a company known for providing financial services, contributed $10.5 million.

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In order to be able to carry out this roundtable conversation, it is nothing more and nothing less than Microsoft that decided to put almost 15 million dollars in support of Wemade. ” This is a significant investment made by reputable financial and strategic investors with a proven track record “, specifies Henry Chang, CEO of Wemade, in a press release. ” If the Wemix crypto works as expected, it will not only contribute to the growth of the Wemix ecosystem, but also become a key currency for blockchain transactions. “, he clarifies.

More than ever, Microsoft is betting on the world of video games. The company led by Satya Nadella could acquire Activision Blizzard despite reluctance from the Competition and Markets Authority, the UK authority responsible for competition. In addition, it actively scans the ecosystem of Chinese video game publishers for a video game nugget, like Geinshin Impact for Sony’s PlayStation.

When it comes to blockchain and cryptocurrencies, Microsoft hasn’t really made a major investment. Note the purchase of a stake in ConsenSys, a company that primarily develops and delivers applications on the Ethereum blockchain. Most recently, in August 2022, Microsoft subsidized Star Heroes, a blockchain game, so they could access tools to help them perfect the game.

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