Microsoft is one of three entities that have invested $46 million in WeMade, a Korean game developer focusing on Web3. This is according to a press release seen last week. The other two investors are Shinhan Asset Management and Kiwoon Securities. The three have opted to back WeMade in its Web3 push for supremacy.
According to a regulatory filing, the game developer is raising the amount through convertible bonds. Microsoft invested $14.8 million, Shinhan invested $21.2 million, and Kiwoom invested $10.5 million.
Microsoft Web3 Involvement
Microsoft’s investment comes after Phil Spencer, CEO of Microsoft Games, signaled the company’s intention to expand its Web3 involvement. Last October, he termed the Metaverse as a “poorly built video game.”
The investment has been greeted with enthusiasm by Henry Chang, CEO of WeMade. In a statement, he notes that the investment is much welcome as it comes from “reputable financial and strategic investors with proven track records.”
Chang adds that the game developer and its subsidiary, Wemix, plan to continue their efforts to attract more capital. Both are actively investing to build the ultimate “global digital economy platform.”
WeMade Web3 Involvement
With over 20 years of existence, WeMade has managed to establish itself as one of the top game developers in the world. Its Web3 focus comes at a time when blockchain technology and its innovations are shaping the gaming landscape.
To stay ahead, there is a need to adapt quickly.
Recently, the company launched Wemix 3.0, its blockchain mainnet, a stablecoin, and a DeFi platform. The goal is to transform everyday games with blockchain technology. Also, there are plans to establish its Wemix coin as a key currency in the Web3 gaming space.
Also, the company has already launched Mir4, a popular play-to-earn game. Mir4 is tailored for Web3, where players can mint their characters as NFTs and even mine cryptocurrency