Microsoft has backed Wemade, a popular video game developer that has been aggressively betting on blockchain in recent years, the latest sign of tech giants’ growing interest in web3.
South Korean company Wemade said in a press release that it raised $46 million in a funding round from Microsoft, Shinhan Asset Management and Kiwoom Securities. He did not reveal the name of the funding round or its valuation.
“This is a significant investment by reputable, proven financial and strategic investors,” Wemade CEO Henry Chang said in a statement. “Wemade and Wemix will continue to make efforts to attract more capital and actively invest to build the global digital economy platform.”
Founded over two decades ago, Wemade is best known for its hit single “The Legend of Mir”, which at one point had over 200 million sign-ups. Over the past few years, it has explored ways to incorporate blockchain technology into its new titles and offerings. It recently launched its Wemix3.0 blockchain on the mainnet and launched a stablecoin and DeFi platform. The company says it aims to “transform everyday gaming with blockchain technology and make its Wemix coin a key currency in the blockchain gaming space.”
“A new cost-effective NILE platform that supports NFT and DAO will also be introduced soon. (EOD),” Wemade said in the press release.
Dozens of tech giants, including Microsoft and Google, as well as well-known banks, have made a series of investments in the Web3 space in recent years. Microsoft is also an investor in ConsenSys, the company behind the MetaMask wallet and enterprise solutions such as Infura, as well as decentralized data warehouse Space and Time and NFT studio Palm, according to Web3 Signals. Google Ventures has backed fraud detection service Sardine, trading app Blockchain.com and NFT startup YugaLabs, according to the tracker.