Whampoa Digital and Wemade in strategic partnership for US$100 million Web3 Fund & digital asset initiatives in the Middle East
Seoul, Korea, 22nd December 2023, ZEX PR WIRE, Singapore-based Whampoa Digital and Wemade, a leading Korean gaming company, have entered into a strategic partnership to collaborate on a US$100 million Web3 Fund to be established by Wemade (“Wemade Web3 Fund”) as well as on digital asset initiatives in the Middle East.
As part of this collaboration, Whampoa Digital will be an ecosystem partner to Wemade’s WEMIX PLAY Center in Dubai International Financial Centre‘s Innovation Hub (DIFC Innovation Hub) as well as to the Wemade Web3Fund. Both parties will engage in mutual deal and project referrals, particularly in the Web3 industry, and potentially co-invest in promising projects.
Under a non-binding memorandum signed today, Whampoa Digital and Wemade will also leverage each other’s technical and operational know-how to develop blockchain infrastructure and solutions for the gaming and Web3 industries. The solutions developed will be applied and integrated with financial institutions supporting these industries to promote seamless adoption of digital assets globally.
Wemade operates WEMIX PLAY, an established global Web3 gaming platform with over 250,000 concurrent players. It has developed a suite of blockchain solutions and has an established track record in investing in gaming studios, notably in Lionheart Studio, Shift Up and MADNGINE, the developer behind the massively successful NIGHT CROWS mobile and PC game.
Wemade is also developing the WEMIX PLAY Center, a global Web3 gaming hub at the DIFC Innovation Hub. The US$100 million Wemade Web3 Fund is targeted at promising gaming studios and blockchain projects that intend to set up an office in the WEMIX PLAY Center. DIFC Innovation Hub and WEMIX PLAY Center will provide state-of-the-art facilities and mentorship support to Wemade Web3 Fund’s investee companies.
DIFC Innovation Hub is the largest innovation community in the MENA region, and home to more than 700 growth-stage tech firms, established innovation companies, digital labs, venture capital firms, regulators, and educational entities.
Whampoa Digital is the technology investment arm of Whampoa Group, a privately-held investment company owned by several established families in Asia. It is an early investor in digital assets and Web3 ventures, working with Web2 and Web3 visionaries to propel innovation and drive mass adoption of blockchain technologies. It is also setting up Singapore Gulf Bank, a digital bank in Bahrain that will provide digital banking services to global investors, innovators and institutions participating in the digital economy.
Whampoa Group Senior Partner Aureole Foong said, “We are excited to be joining forces with Wemade, a powerhouse in the gaming space. This partnership will allow us to pioneer new horizons in the digital asset industry beyond our already established sectors, as well as foster innovation in the Middle East, one of the world’s fastest-growing regions in the Web3 space.”
“Through our partnership with Whampoa Digital, a leading investment firm in Singapore, we strive to share valuable insights related to blockchain technology, each party bringing their unique expertise to the partnership,” said Wemade CEO, Henry Chang. “We are committed to consistently expanding collaborations with outstanding global partners.”
The partnership demonstrates Wemade’s growing capabilities as an operational and technical provider of blockchain solutions beyond gaming and aligns with Wemade’s steadfast commitment to expanding its reach in the Middle East and North Africa region.
A renowned industry leader and innovator in game development, Wemade is now leading a once-in-a-generation shift as the global games industry pivots to blockchain technology. Through subsidiary WEMIX, Wemade is building an experience-based, platform-driven, and service-oriented mega-ecosystem to offer a wide spectrum of intuitive, convenient, and easy-to- use Web3 services. This includes WEMIX PLAY, the world’s biggest blockchain gaming platform which can transform games of every genre into blockchain games. www.wemix.com/communication
About Whampoa Digital
Whampoa Digital is the technology investment arm of Whampoa Group, a privately-held investment group headquartered in Singapore. It was founded by several Asian families dedicated to fostering enterprise and innovation. The founding families are also owners of some of Asia’s largest and most established businesses, in commodities, banking, insurance and real estate, and have also invested in many hypergrowth companies in sectors such as automation, new energy, fintech, and emerging areas such as Web3, blockchain and digital assets.
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