South Korean Game Giant and Whampoa Digital Set Up $100 Million Blockchain Fund

By: Isha Das

Wemade, a South Korean gaming firm, and Whampoa Digital, the tech investment wing of Singapore's Whampoa Group, have announced a $100 Million Web3 fund aimed at fostering digital asset initiatives in the Middle East. The fund has been set up in the backdrop of South Korea's stringent anti-blockchain gaming rules, forcing gaming studios like Wemade to seek market opportunities abroad.

Whampoa Digital will join the WEMIX PLAY Center within the Dubai International Financial Centre (DIFC) Innovation Hub, which is known to be the largest innovation community in the region, boasting over 700 tech firms. The collaboration is intended to nurture initiatives that could lead to investments in promising digital asset projects. Wemade, well known for its WEMIX PLAY Web3 gaming platform, has been quite active in the blockchain gaming space. Earlier, it had revealed its plans of using Chainlink’s Cross-Chain Interoperability Protocol (CCIP) to power an interoperable Web3 gaming ecosystem.

Whampoa Digital, a platform aimed at investing early in digital assets and Web3 ventures, is expected to enhance blockchain technology in partnership with prominent web2 and web3 firms. The firm is currently establishing the Singapore Gulf Bank, sanctioned to operate as a digital banking institution in Bahrain.