Quick take:
- WEMIX Play is a Web3 platform that allows developers to transform any type of game into a blockchain game.
- The DIFC Innovation Hub-based Center provides state-of-the-art facilities and mentorship support to Web3 funds backed by Wemade.
- The two companies will explore joint investment opportunities in promising Web3 projects.
Korean gaming and entertainment company Wemade has announced a strategic partnership with Whampoa Digital, the digital asset investment arm of Singaporean investment giant Whampoa Group to invest $100 million in Web3 projects.
The two companies will collaborate to back promising gaming studios and blockchain projects that plan to set up an office at WEMIX Play Center, located at Dubai International Financial Centre’s Innovation Hub (DIFC Innovation Hub).
WEMIX Play is Wemade’s Web3 platform that allows developers to transform any game into a blockchain game. According to the announcement, the platform currently boasts over 250,000 active players.
The DIFC Innovation Hub and WEMIX PLAY Center will provide state-of-the-art facilities and mentorship, allowing Web3 projects backed by Wemade to thrive, while Whampoa Digital will provide ecosystem support to the Center.
Wemade and Whampoa Digital will jointly explore investment opportunities in the most promising Web3 projects. The two companies will also leverage their technologies and expertise to develop blockchain infrastructure and solutions for the Web3 gaming industry.
Commenting on the announcement, Whampoa Group Senior Partner Aureole Foong said: “This partnership will allow us to pioneer new horizons in the digital asset industry beyond our already established sectors, as well as foster innovation in the Middle East, one of the world’s fastest-growing regions in the Web3 space.”
This announcement comes just weeks after Wemade announced a collaboration with the Dubai Chamber of Commerce to advance blockchain gaming in Dubai and the region. Commenting on the announcement on November 28, Henry Chang, CEO of Wemade said: “The UAE is among the most dynamic regions building the next generation of games and gaming industry talent with Dubai and key stakeholders including Dubai Chambers playing an important role.”
On the other hand, Whampoa group expressed its interest in backing Web3 startups in September 2022, when it launched a $100 million Web3 fund. “We think there is great conviction in this space. The venture capital fund will help us to expand our footprint in this area,” Shawn Chan told Reuters last year.
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