In a landmark move, Singapore's Whampoa Digital and South Korea's Wemade, a prominent player in the gaming industry, have announced a strategic partnership to establish a $100 million Web3 Fund and launch digital asset initiatives in the Middle East.
This collaboration brings together Whampoa Digital's technological prowess and Wemade's gaming expertise. The partnership will focus on mutual referrals and co-investments in the burgeoning Web3 sector. A notable aspect of this alliance is the establishment of the Wemade Web3 Fund, aimed at nurturing promising gaming studios and blockchain projects, particularly those that plan to establish a presence in the WEMIX PLAY Center at Dubai International Financial Centre’s Innovation Hub (DIFC Innovation Hub).
The synergy between the two firms is further underscored by a non-binding memorandum signed today, underlining their commitment to develop blockchain infrastructure and solutions tailored to the gaming and Web3 industries. This collaboration is expected to facilitate the seamless integration of digital assets in the global financial ecosystem.
Wemade's WEMIX PLAY, a global Web3 gaming platform, already boasts over 250,000 concurrent players and a suite of blockchain solutions. The company has made significant investments in gaming studios such as Lionheart Studio, Shift Up, and MADNGINE.
The upcoming WEMIX PLAY Center at the DIFC Innovation Hub is envisioned as a global hub for Web3 gaming. The $100 million Wemade Web3 Fund will provide crucial support and mentorship to its investee companies, leveraging the state-of-the-art facilities at the DIFC Innovation Hub, the largest innovation community in the MENA region.
Whampoa Digital, part of the Whampoa Group, has a strong track record in digital asset investment and Web3 ventures. The company is currently establishing the Singapore Gulf Bank in Bahrain, aimed at offering digital banking services to participants in the digital economy.
Aureole Foong, Senior Partner at Whampoa Group, expressed enthusiasm about the partnership, seeing it as an opportunity to explore new frontiers in the digital asset industry and foster innovation in the rapidly growing Middle East Web3 space.
Wemade's CEO, Henry Chang, emphasized the mutual benefits of this partnership, sharing their commitment to expanding collaborations globally and enhancing their footprint in the Middle East and North Africa region.
This partnership signifies Wemade’s expanding capabilities in blockchain solutions beyond gaming and underlines its dedication to growth in the Middle East.
For more information about Wemade, visit www.wemix.com/communication.
For details on Whampoa Digital, visit Whampoa Digital's website.
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