Microsoft Supports Game Developer Wemade In Web3 Initiative

Microsoft's support of Wemade, a well-known video game developer that has placed aggressive bets on blockchain in recent years most recent indication of tech giants' rising interest in web3.

In a press statement, South Korean company Wemade announced that it has raised $46 million from Microsoft, Shinhan Asset Management, and Kiwoom Securities.

Wemade stated in a regulatory filing that the company is obtaining the funds through the issuance of convertible bonds.

“This is a meaningful investment by reputable financial and strategic investors with proven track records,” said Henry Chang, chief executive 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.”

Founded over two decades ago, Wemade is best known for its sleeper hit title ‘The Legend of Mir,” which at one point had over 200 million signups.

In the last few years, Wemade has been exploring ways to incorporate blockchain technology into its new titles and offerings.

It recently launched its blockchain Wemix3.0 to mainnet and launched a stablecoin and a DeFi platform.

The company says it is aiming to “transform everyday games with blockchain technology and establish its Wemix coin as 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 recent years, numerous tech behemoths, including Microsoft, Google, and illustrious banks, have made a number of investments in the web3 sector.

According to Web3 Signals, Microsoft is also a shareholder in ConsenSys, the company that created the MetaMask wallet and enterprise solutions like Infura as well as the decentralised data warehouse Space and Time and NFT studio Palm.

According to the tracker, Google Ventures has financed NFT firm YugaLabs, the trading app Blockchain.com, and fraud detection service Sardine.

According to regulatory records, Microsoft, which manages the Xbox gaming environment, invested $14.8 million in Wemade through the purchase of convertible bonds, $21.2 million in Shinhan, and $10.5 million in Kiwoom.