Microsoft took part in a $46 million funding round to support the Wemade blockchain gaming company based in Korea. Microsoft bought $14.8 million of the convertible bonds that Wemade sold during the transaction. According to regulatory documents, two additional entities, Shinhan Asset Management and Kiwoom Securities, also bought bonds for amounts of $21.2 million and $10.5 million, respectively.
Wemade, a company that was established in 2000 and has run more than 20 blockchain games, views this development as a huge success, especially given the challenging financial conditions that the bitcoin industry is currently experiencing.
In a press release, Wemade CEO Henry Chang stated: “This is a meaningful investment by reputable financial and strategic investors with proven track records. Wemade and Wemix will continue to exert efforts to attract more capital and actively invest to build the global digital economy platform.”
In Addition to Gaming, Stablecoins
Wemade is building a token economy through its gaming properties even if its gaming activities are the company’s main priority. Wemix, a company-owned stablecoin, was introduced by Chang on October 22 with the goal of becoming a significant component of the local gaming industry.
The stablecoin, which is tied to the dollar, is fully backed by USDC and runs on the Dios balancing system, which is intended to keep the asset’s price stable even during times of peak demand. In relation to this test launch, Chang said:
“If Wemix operates successfully as planned, it will not only contribute to the growth of the mainnet ecosystem of Wemix but also become a key currency for blockchain transactions.”
Phil Spencer, the head of Microsoft, has criticized the innovations that play-to-earn models, NFTs, and the metaverse bring to the traditional gaming industry, but this has not changed decisions made by other companies in the industry. A Microsoft grant was given to Star Heroes on August 5 so that it could use tools available to other AAA game developers. Star Heroes is a blockchain-based game that is still in development.
