Microsoft increases its involvement in Web3 following its investment in Wemade
As the latest indication of IT companies’ rising interest in web3, Microsoft has financed Wemade, a well-known video game company that has recently placed strong wagers on blockchain.
Microsoft, Shinhan Asset Management, and Kiwoom Securities all contributed $46 million to Wemade, a South Korean company, according to a news statement. Wemade revealed in a regulatory filing that company is raising the money by selling convertible bonds.
Henry Chang, the CEO of Wemade, stated in a statement, “This is a significant investment by recognized financial and strategic investors with solid track records. “Wemade and Wemix will keep making efforts to bring in additional funding and aggressively invest in order to establish the global digital economy platform.”
Wemade, a company that has been around for more than 20 years, is most known for the sleeper success game The Legend of Mir, which once had more than 200 million signups.
Wemade has been looking for methods to incorporate blockchain technology into its new games and offers over the past few years. It just released a stablecoin and a DeFi platform in addition to launching Wemix3.0, its blockchain, on the mainnet. According to the business, its goal is to “use blockchain technology to change common games and create its Wemix coin as a major currency in the blockchain gaming market.”
“NILE, a platform for the new economy that supports NFT and DAO, will also be unveiled soon. Wemade said in the press release, “(EOD)”.
In recent years, several digital 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 decentralized data storage Space and Time and NFT studio Palm. According to the tracker, Google Ventures has backed NFT startup YugaLabs, trading app Blockchain.com, and fraud detection service Sardine.
According to regulatory filings, Microsoft, which manages the Xbox gaming ecosystem, invested $14.8 million in Wemade through the purchase of convertible bonds, $21.2 million in Shinhan, and $10.5 million in Kiwoom.
About Microsoft
Microsoft Corporation is a multinational technology company with its headquarters in Redmond, Washington, in the United States. It produces computer software, consumer electronics, personal computers, and related services.
