Game developer

Microsoft backs game developer Wemade in web3 push

Microsoft has backed Wemade, a popular video game developer that has been aggressively betting on blockchain in recent years, the latest sign of tech giants’ growing interest in web3.

Wemade from South Korea said in a Press release that it raised $46 million from Microsoft, Shinhan Asset Management and Kiwoom Securities. In a regulatory fileWemade revealed that it raises capital through the sale of convertible bonds.

“This is a significant investment from reputable financial and strategic investors with a proven track record,” Wemade chief executive Henry Chang said in a statement. “Wemade and Wemix will continue to make 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 hit track The Legend of Mir, which at one point had over 200 million sign-ups.

Over the past few years, Wemade has been exploring ways to incorporate blockchain technology into its new titles and offerings. It recently launched its Wemix3.0 blockchain on the mainnet and launched a stablecoin and DeFi platform. The company says it aims to “transform everyday gaming with blockchain technology and make its Wemix coin a key currency in the blockchain gaming space.”

“A new NILE economic platform supporting NFT and DAO will also be introduced soon. (EOD),” Wemade said in the press release.

Dozens of tech giants, including Microsoft and Google, as well as well-known banks, have made a series of investments in the Web3 space in recent years. Microsoft is also an investor in ConsenSys, the company behind the MetaMask wallet and enterprise solutions such as Infura, as well as decentralized space and time data warehouse and the NFT Palm studio, according to Web3 signals. Google Ventures has backed fraud detection service Sardine, trading app Blockchain.com and NFT startup YugaLabs, according to the tracker.

Microsoft, which operates the Xbox gaming ecosystem, invested $14.8 million in Wemade through the purchase of convertible bonds, Shinhan $21.2 million and Kiwoom $10.5 million, according to regulatory filings. .

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Kate Park contributed to this report.