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

5 Bitcoin Cash Full Node Teams to Raise Funds With the Noncustodial Flipstarter App 
5 Bitcoin Cash Full Node Teams to Raise Funds With the Noncustodial Flipstarter App The creators of the noncustodial funding application, Flipstarter have recently announced there
Ethereum Fees Hit 9-Month High Amid Strong DeFi Activity – Details
Este artículo también está disponible en español. The price of Ethereum recorded an overall decline of 2.08% in the past week in line with the general performance of most
Nvidia Posts Record Q3 Earnings, Sales of GPUs to Crypto Miners Reach $175 Million
Nvidia Posts Record Q3 Earnings, Sales of GPUs to Crypto Miners Reach $175 Million Nvidia released its earnings for the third fiscal quarter of 2021 this week, s
Bitcoin bottomed at $56K? BTC price chart hints at breakout within days
Zoltan Vardai7 hours agoBitcoin bottomed at $56K? BTC price chart hints at breakout within daysAdding to the bullish technical formation, Bitcoin"s distribution "danger zone" has officially ended, according to popular an
Gareth Jenkinson14 hours agoSBF’s Alameda minted $38B USDT to profit off arbitrage trading: Coinbase directorCoinbase director Conor Grogan has flagged on chain data that highlights massive USDT mints ordered by Sam Ba
Ukrainian Police Bust Crypto Call Centers Defrauding Investors Across Europe
Ukrainian Police Bust Crypto Call Centers Defrauding Investors Across Europe Ukrainian investigators have exposed a scheme targeting residents of the country and the European Union
Cryptocurrency Futures and Prediction Markets Show Trump Wins the US 2020 Election
Cryptocurrency Futures and Prediction Markets Show Trump Wins the US 2020 Election In less than 270 days the United States will have its 2020 election and millions of people worl
Dogecoin Charts Flash 2020-Style Bull Signal, Crypto Analyst Says
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
Ethereum Price On The Verge Of Repeating 2017-2021 Cycle Breakout, Target Above $20,000
Este artículo también está disponible en español. While Bitcoin (BTC) has reached new all-time highs this month, the Ethereum price has failed to experience a significant
Bitcoin Cash Community Supports Greater Privacy by Donating Over 100 BCH to Cashfusion Fundraiser
Bitcoin Cash Community Supports Greater Privacy by Donating Over 100 BCH to Cashfusion Fundraiser The Bitcoin Cash community is showing its support for greater privacy by putting
Federal Prosecutors Probe Democrats Over Donations From Sam Bankman-Fried
Federal Prosecutors Probe Democrats Over Donations From Sam Bankman-Fried Several members of the U.S. Democratic Party and campaign committees are reportedly being probed by federa
Rapper Nas & the No-Good-Very-Bad Payday Loan Investment
Nas wasn"t wrong to back a fintech product designed to disrupt the payday loan industry. He just threw his weight behind the wrong one. | Source: ShutterstockFamed rapper Nasir Jone