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Wemade and Whampoa Group Forge $100 Million Web3 Fund

2023/12/23 23:01

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Expanding Digital Asset Industry Horizons

South Korean gaming giant Wemade, in collaboration with Whampoa Digital of Singapore's Whampoa Group, has established a $100 million fund dedicated to Web3 initiatives. This strategic alliance marks a significant step in broadening the digital asset industry's scope, with a particular focus on the Middle East.

A New Chapter in Digital Asset Expansion

Wemade, renowned for its "Legend of Mir" series, will use this fund to bolster development efforts at the Wemix Play Center in Dubai. The partnership envisions shared deal and project referrals within the Web3 sphere, potentially leading to co-investments in promising ventures.
Aureole Foong, senior partner of Whampoa Group, commented, "This partnership will allow us to pioneer new horizons in the digital asset industry beyond our already established sectors, as well as foster innovation in the Middle East, one of the world’s fastest-growing regions in the Web3 space."

Whampoa Group's Expanding Footprint

Whampoa Group, a private investment entity backed by several prominent Asian families, has recently intensified its focus on digital finance. In May, it announced the establishment of Singapore Gulf Bank in Bahrain, catering to cryptocurrency clients. August saw the firm hiring Ali Moosa, formerly of JP Morgan, to spearhead the digital bank’s regional growth.

While the partnership between Wemade and Whampoa Group represents a forward leap in the realm of digital assets, it also raises questions about market saturation and the long-term viability of such large-scale investments in the rapidly evolving Web3 sector.

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