Wemade, a South Korean game company, teamed up with Whampoa Digital, a technology investor. The alliance aims to establish a $100 million Web3 development fund.
Together, the South Korean video game developer Wemade and Whampoa Digital, the technology investment division of Whampoa Group in Singapore, have established a $100 million Web3-focused fund.
This partnership is expected to expand the digital asset industry’s reach, particularly in the Middle East, a rapidly growing region in the Web3 sector. Wemade, best known for its Legend of Mir series, said its Web3 fund will support developers at Wemix Play Center located in Dubai.
According to Aureole Foong, senior partner of Whampoa Group, “This partnership will allow us to pioneer new horizons in the digital asset industry beyond our already established sectors and foster innovation in the Middle East, one of the world’s fastest-growing regions in the Web3 space.”
The Whampoa Group is a privately held investment company. It is connected to the Lee families, who are descended from well-known business families and Singapore’s political families.
The Whampoa Group has previously announced plans to invest about $100 million in start-ups in the rapidly growing digital assets market through a venture capital fund. The group’s digital assets investment division, Whampoa Digital, aims to develop fund, and support early-stage Web3 startups.
Disclaimer: This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
