Software giant Microsoft invested $ 14.8 million in Wemade, a Korea-based blockchain gaming services company that recently launched its own stablecoin, called Wemix. The company was part of a $ 46 million investment round, which also saw the participation of two other companies: Shinhan Asset Management and Kiwoom Securities.
Microsoft supports Korean gaming company Wemade
Microsoft participated in a $ 46 million investment round to support Korean blockchain gaming operator Wemade. As part of this funding round, in which Wemade sold convertible bonds, Microsoft bought those bonds for $ 14.8 million. Two other companies – Shinhan Asset Management and Kiwoom Securities – also participated with bond purchases of $ 21.2 million and $ 10.5 million, respectively, according to regulatory documents.
Founded in 2000 and having managed more than 20 blockchain games, Wemade sees this development as a great success, especially in the difficult economic times that the cryptocurrency industry is going through. In a press release, Wemade CEO Henry Chang said:
This is a significant investment made by reputable and proven financial and strategic investors. Wemade and Wemix will continue their efforts to attract more capital and actively invest to build the global platform of the digital economy.
Stablecoin in addition to gambling
Although Wemade primarily focuses on its gaming operations, the company is also creating a token economy through its gaming properties. On October 22, Chang launched the company’s stablecoin, called Wemix, with the aim of establishing it as a an important part of the gaming ecosystem in the Region.
The stablecoin, which is pegged to the US dollar, is fully supported by USDC and operates through a balancing protocol called Dios, which is designed to allow the price to stay even if the asset faces periods of peak demand. About this experimental launch, Chang said:
If Wemix successfully performs as intended, it will not only contribute to the growth of the Wemix core network ecosystem, but it will also become a key currency for blockchain transactions.
While Microsoft’s Phil Spencer has been critical of what emerging technologies like win-win gaming models, NFTs, and metaverses are bringing to the traditional gaming table, it hasn’t influenced the moves of other companies in the industry. On August 5, Star Heroes, a blockchain-based game still in development, received a grant from Microsoft to access tools available to other AAA game developers.