South Korean gaming company Wemade has joined forces with Whampoa Digital, the tech investment branch of Singapore’s Whampoa Group, to launch a $100 million fund dedicated to Web3. This exciting collaboration aims to extend the influence of the digital asset industry, with a particular focus on the rapidly growing Web3 sector in the Middle East.
Wemade, renowned for its popular Legend of Mir series, envisions its Web3 fund as a means to support developers at the Wemix Play Center situated in Dubai. The partnership will involve mutual referrals and project collaborations, especially within the Web3 realm, with the possibility of co-investing in promising ventures, as highlighted by Wemade.
Aureole Foong, senior partner of Whampoa Group, expressed enthusiasm about the partnership, stating, “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.”
Whampoa Group, a privately held investment firm with connections to prominent Asian families, including the Lee families associated with Singapore’s founding prime minister, has been making significant moves in the financial sector. They recently announced the establishment of a digital bank in Bahrain, Singapore Gulf Bank, which is open to crypto clients. In addition, they recruited Ali Moosa from JP Morgan to oversee the digital bank’s expansion in the region in August, further emphasizing their commitment to the digital finance landscape.