Microsoft backs web3 game developer Wemade • TechCrunch


Microsoft has backed Wemade, a popular video game developer who has made aggressive bets on the blockchain in recent years, the latest sign of tech giants’ interest in Web 3.

Wemade from South Korea said in a press release It has raised $46 million in a funding round from Microsoft, Shinhan Asset Management and Kiwoom Securities. It did not disclose the name of the funding round or its evaluation.

“This is a worthwhile investment by reputable financial and strategic investors with proven track records,” Wemade CEO Henry Chang said in a statement. “Wemade and Wemix will continue to make efforts to attract more capital and active investment to build the global digital economy platform.”

Founded over two decades ago, Wemade is best known for its sleepy nickname “The Legend of Mir,” which at one time had over 200 million subscriptions. Over the past few years, it has been exploring ways to incorporate blockchain technology into its new titles and offerings. It recently launched the Wemix3.0 blockchain to the mainnet and launched a stablecoin and DeFi platform. The company says it aims to “transform everyday games using blockchain technology and create Wemix as a major currency in the blockchain gaming space.”

A new economic platform NILE that supports NFT and DAO will be launched soon as well. (EOD),” Wede said in a press release.

Dozens of tech giants including Microsoft, Google, and storied banks have made a series of investments in the 3 web space in recent years. Microsoft is also an investor in ConsenSys, the company behind the MetaMask portfolio and enterprise solutions like Infura, as well as Decentralized data warehouse space and time and NFT studio Palm, According to Web3 flags. Google Ventures has backed fraud detection service Sardine, trading app, and NFT startup YugaLabs, according to the tracker.

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