South Korean gaming company Wemade has entered into a strategic cooperation with Singapore's Whampoa Digital, culminating in the launch of a significant $100 million Wemade Web3 fund.
This collaboration is set to position Whampoa Digital as an ecosystem partner for Wemade's WEMIX PLAY Center in Dubai International Financial Centre (DIFC) Innovation Hub and the Wemade Web3 Fund.
The fund is dedicated to supporting developers associated with the WEMIX PLAY Center.
Both companies are set to engage in reciprocal deal and project referrals, specifically within the Web3 industry, with potential co-investments in promising projects.
Wemade, operates WEMIX PLAY, the a leading Web3 gaming platform.
The company reports that it has a stellar track record in such gaming investments.
Whampoa Digital, the technology investment arm of Whampoa Group, a privately-held investment company owned by established Asian families, is an early investor in digital assets and Web3 ventures.
Collaborating with visionaries in both Web2 and Web3, it aims to foster innovation and promote the widespread adoption of blockchain technologies.
Additionally, Whampoa Digital is in the process of establishing Singapore Gulf Bank, a digital bank in Bahrain providing services to global investors, innovators, and institutions in the digital economy.
The DIFC Innovation Hub, where the Web3 fund will be situated, stands as the largest innovation community in the region.
The hub is home to over 700 growth-stage tech firms, innovation companies, digital labs, venture capital firms, regulators, and educational entities.
In May this year, Wemade was the subject of controversy, as the game developer expanded their distribution of the their native token to fund business expansion plans.
During this period, due to volatility, Korea's Digital Asset eXchange Alliance (DAXA) took active steps to delist the then extremely popular Wemix token.
Wemix however, has since resolved these issues, and is now relisted on most of said exchanges.
DAXA, in cooperation with FIU, has officially started accepting reports on unregistered virtual asset operators targeting domestic individuals in violation of specific financial information laws.
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