Fun

Microsoft Backs Wemade’s Blockchain Push in $46 Million Investment Round

News Feed - 2022-11-05 07:11:31

Microsoft Backs Wemade"s Blockchain Push in $46 Million Investment Round


Software giant Microsoft has made a $14.8 million investment in Wemade, a Korea-based blockchain gaming services company that has recently launched its own stablecoin, named Wemix. The company was part of a $46 million investment round, that also saw the participation of two more companies: Shinhan Asset Management and Kiwoom Securities. Microsoft Backs Korea-Based Gaming Company Wemade


Microsoft has participated in a $46 million investment round to back Korea-based blockchain gaming operator Wemade. The round, which involved Wemade selling convertible bonds, saw Microsoft purchase $14.8 million in these bonds. 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.


Founded in 2000 and having operated more than 20 blockchain games, Wemade sees this development as a big success, more so in the troubling economic times that the cryptocurrency industry is going through. 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. Stablecoins in Addition to Gaming


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.


The stablecoin, which is pegged to the U.S. dollar, is backed entirely in USDC and operates through a balancing protocol called Dios, which is designed to allow the price to be maintained even as the asset faces periods of peak demand. On this experimental launch, Chang stated: 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.


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. On Aug. 5, Star Heroes, a blockchain-based game still in development, received a Microsoft grant to access tools available for other AAA game developers. Tags in this story Kiwoom Securities, Microsoft, phil spencer, Shinhan Asset Management, Stablecoin, StarHeroes, USDC, wemade, wemix


What do you think about Microsoft’s investment in Korea-based Wemade? Tell us in the comments section below. Sergio Goschenko


Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved. Report: Over 30,000 Nigerians to Learn About Blockchain From Government Agency BLOCKCHAIN | 18 hours ago Gamestop NFT Marketplace Is Now Live on Immutable X, Market Features Web3 Games BLOCKCHAIN | 4 days ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleNigerian Currency Redesign Controversy: Naira Slips by Almost 20%, Experts See Exchange Rate Reaching 1,000:1 USD Before Year End Next articleDisplaying US Dollar Prices Still Prohibited, Ghanaian Central Bank Tells Actress Lydia Forson Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItRipple CEO: SEC Lawsuit Over XRP "Has Gone Exceedingly Well"


The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.Central Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year Following a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days Goldman Predicts US Recession Odds at 35% in 2 Years, John Mauldin Wouldn"t Be Surprised if Stocks Fell 40% Microbt Reveals Latest Bitcoin Mining Rigs — Machines Produce up to 126 TH/s With Custom 5nm Chip Design

News Feed

Biden Slammed for Claiming US Economy Had 0% Inflation in July — One Lawmaker Calls It ‘Sad and Dangerous’
Biden Slammed for Claiming US Economy Had 0% Inflation in July — One Lawmaker Calls It "Sad and Dangerous" President Joe Biden stated Wednesday that the U.S. economy had zero per
Wisdomtree Launches 3 Crypto ETPs Offering Exposure to Solana, Cardano, Polkadot
Wisdomtree Launches 3 Crypto ETPs Offering Exposure to Solana, Cardano, Polkadot On Tuesday, the fund manager Wisdomtree announced the launch of three crypto asset exchange-traded
Bitcoin Added to the Guinness Book of World Records as the ‘First Decentralized Cryptocurrency’
Bitcoin Added to the Guinness Book of World Records as the "First Decentralized Cryptocurrency" Since 1955 Guinness World Records (GWR) has published a reference book annually that
DeFi’s ‘unknown and unpredictable’ risks curb institutional use — Fireblocks VP
Jesse Coghlan11 hours agoDeFi’s ‘unknown and unpredictable’ risks curb institutional use — Fireblocks VPInstitutions are keen on DeFi, and its use among them is growing, but on-chain risks are hamstringing furth
Saylor says BTC strategic reserve is ‘Louisiana Purchase’ moment for US
Alex O’Donnell5 hours agoSaylor says BTC strategic reserve is ‘Louisiana Purchase’ moment for USMichael Saylor previously forecasted that Bitcoin will reach approximately $13 million per coin by 2045.3339 Total vie
Picpay to Offer Cryptocurrency Services in Brazil to More Than 60 Million Customers
Picpay to Offer Cryptocurrency Services in Brazil to More Than 60 Million Customers Picpay, one of the most popular payments fintech companies in Brazil, has announced that it will
Tom Mitchelhill7 hours agoPolygon gas fees spike 1,000% amid Ordinals-inspired token crazeGas fees on the Polygon network reached as high as $0.10 during a mad rush to mint an Ordinals-inspired token called POLS.2802 Tot
Genesis Report Highlights ‘Emerging Role’ of Ethereum and Defi in Q2 2021
Genesis Report Highlights "Emerging Role" of Ethereum and Defi in Q2 2021 Genesis Digital, a leading cryptocurrency trading, lending, and custody desk, released
Hashing It Out: Will 2024 be the best year for DeFi yet?
Elisha Owusu Akyaw8 hours agoHashing It Out: Will 2024 be the best year for DeFi yet?Sonali Giovino, global head of ecosystems at De.Fi, believes decentralized finance security has gotten more coverage over the years bec
Bitcoin Shows Elevated Unrealized Profits Without Signs Of Panic Selling – New ATH Soon?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
6 Meme Coins That May 100x and Follow in DOGE’s Pawprints
Dogecoin is no longer the sus-looking dog meme we once knew it as; it’s now one of the most profitable investment opportunities available to those in the crypto space. With El
Ethereum Holds Critical Support – $2,350 Level Could Define The Next Move
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu