Monday, 24 June 2024

Whampoa Digital and Wemade partner for $100M Web3 Fund in the Middle East

5 min read

Singapore-based Whampoa Digital and Wemade, a leading Korean gaming company, have entered into a strategic partnership to collaborate on a $100 million Web3 Fund to be established by Wemade (Wemade Web3 Fund) as well as on digital asset initiatives in the Middle East.

As part of this collaboration, Whampoa Digital will be an ecosystem partner to Wemade’s WEMIX PLAY Centre in Dubai International Financial Centre (DIFC) and also to the Wemade Web3 Fund. Both parties will engage in mutual deal and project referrals, particularly in the Web3 industry, and potentially co-invest in promising projects.

Under a non-binding memorandum, Whampoa Digital and Wemade will also leverage each other’s technical and operational know-how to develop blockchain infrastructure and solutions for the gaming and Web3 industries. The solutions developed will be applied and integrated with financial institutions supporting these industries to promote seamless adoption of digital assets globally.

Wemade operates WEMIX PLAY, an established global Web3 gaming platform with over 250,000 concurrent players. It has developed a suite of blockchain solutions and has an established track record in investing in gaming studios, notably in Lionheart Studio, Shift Up and MADNGINE, the developer behind the massively successful NIGHT CROWS mobile and PC game.

Wemade is also developing a Web3 gaming centre at Dubai International Finance Centre’s (DIFC) Innovation Hub. The $100 million Wemade Web3 Fund is targeted at promising gaming studios and blockchain projects that intend to set up an office in the WEMIX Play Centre at the DIFC Innovation Hub. DIFC and WEMIX Play Centre will provide state-of-the-art facilities and mentorship support to Wemade Web3 Fund’s investee companies.

DIFC Innovation Hub, where Wemade Web3 Fund will be based, is the largest innovation community in the region, and is home to more than 700 growth-stage tech firms, established innovation companies, digital labs, venture capital firms, regulators, and educational entities.

Whampoa Digital is the technology investment arm of Whampoa Group, a privately held investment company owned by several established families in Asia. It is an early investor in digital assets and Web3 ventures, working with Web2 and Web3 visionaries to propel innovation and drive mass adoption of blockchain technologies. It is also setting up Singapore Gulf Bank, a digital bank in Bahrain that will provide digital banking services to global investors, innovators and institutions participating in the digital economy.

Aureole Foong, senior partner at Whampoa Group, said: “We are excited to be joining forces with Wemade, a powerhouse in the gaming space. 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."

Henry Chang, CEO of Wemade, stated: “Through our partnership with Whampoa Digital, a leading investment firm in Singapore, we strive to share valuable insights related to blockchain technology, each party bringing their unique expertise to the partnership."

He added: "We are committed to consistently expanding collaborations with outstanding global partners.”

The partnership demonstrates Wemade’s growing capabilities as an operational and technical provider of blockchain solutions beyond gaming and aligns with Wemade’s steadfast commitment to expanding its reach in the Middle East and North Africa region

Re-disseminated by The Asian Banker

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