Microsoft software has invested $14.8million in Wemade. Wemade, which is a Korea-based company offering blockchain gaming services, recently launched its own stablecoin called Wemix. It was also part of an $46 million round of investment that included participation from two additional companies, Shinhan Asset Management (Kiwoom Securities) and Kiwoom Securities.
Microsoft Supports Wemade, a Korean Gaming Company
Microsoft took part in a $46million investment round to help Wemade, the Korean-based Blockchain Gaming Operator. Microsoft purchased $14.8 million of convertible bonds in the round that involved Wemade. Two other companies also participated — Shinhan Asset Management and Kiwoom Securities — with bond purchases of $21.2 million and $10.5 million respectively, according to regulatory filings.
Wemade, which was established in 2000 and operated more than 20 cryptocurrency games, considers this a great success, especially in light of the current economic downturn. Henry Chang, Wemade CEO stated this in a release.
It is an investment that will make a difference. This decision was made by strategic and financial investors who have a track record of success. Wemade, Wemix and other investors will make continued efforts to raise capital. Wemix and Wemix are actively investing to create the global digital economy platform.
In addition to gaming, stablecoins are also available
Though Wemade’s primary focus is on its gaming operations, the company is also establishing a token economy via its gaming properties. On October 22, Chang launched the company’s own stablecoin, called Wemix, aiming for it to be established as an important part of the gaming ecosystem in the region.
Stablecoin is pegged at the U.S. Dollar and is fully backed in USDC. It operates via a Dios balancing protocol, which allows the price of the asset to remain stable even during periods when it is experiencing peak demand. Chang made the following statement during this experiment launch:
Wemix, if it works as planned will contribute to the expansion of Wemix’s mainnet ecosystem and also serve as a currency used for transactions in the blockchain.
While Microsoft’s Phil Spencer has been critical of what emergent tech like play-to-earn models, NFTs, and the metaverse bring to the traditional gaming table, this has not affected moves regarding other companies in the sector. Star Heroes (a blockchain-based video game) was awarded a Microsoft grant in August to enable it access the tools made available to AAA game developers.
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