As the latest indication of IT companies’ rising interest in web3, Microsoft has financed Wemade, a well-known video game developer that has recently placed strong wagers on blockchain.
Microsoft, Shinhan Asset Management, and Kiwoom Securities all contributed $46 million to Wemade, a South Korean company, according to a news statement. Wemade revealed in a regulatory filing that the company is raising money by selling convertible bonds.
In recent years, numerous tech behemoths, including Microsoft, Google, and illustrious banks, have made a number of investments in the web3 sector. Additionally, Microsoft has invested in ConsenSys, the company behind the MetaMask wallet, Infura, a decentralized data warehouse, Space and Time, and NFT studio Palm.
Wemade is looking into how to use blockchain technology in its upcoming games and services. It just released a stablecoin and a DeFi platform in addition to launching Wemix3.0, its blockchain, on the main net.
According to regulatory records, Microsoft, which manages the Xbox gaming environment, invested $14.8 million in Wemade through the purchase of convertible bonds, $21.2 million in Shinhan, and $10.5 million in Kiwoom.