Wemade's $100M Web3 Fund

Gaming firm Wemade launches $100 million Web3 fund with Singapore-based Whampoa South Korean gaming company Wemade has formed a strategic partnership with Whampoa Digital, the technology investment sector of Singapore's Whampoa Group, to launch a $100 million fund dedicated to Web3 development. This collaboration aims to broaden the influence of the digital asset industry, with a specific focus on the rapidly expanding Web3 sector in the Middle East. Wemade, best known for its Legend of Mir series, disclosed that the Web3 fund will provide support to developers at the Wemix Play Center in Dubai. The partnership includes mutual deal and project referrals, particularly in the Web3 industry, and potential co-investment in promising projects. Aureole Foong, senior partner of Whampoa Group, expressed enthusiasm for the partnership, stating, "This collaboration 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, has strong ties to influential families in Asia, including the Lee families associated with Singapore's founding prime minister and other prominent business figures. The group has been actively expanding its presence in the digital banking sector. In May, Whampoa Group announced the establishment of a digital bank, Singapore Gulf Bank, in Bahrain, specifically catering to cryptocurrency clients. The investment firm continued its strategic moves by appointing Ali Moosa from JP Morgan in August to oversee the expansion of the digital bank in the region. The collaboration between Wemade and Whampoa Digital not only signifies a significant investment in Web3 development but also highlights the increasing importance of the Middle East in the global Web3 landscape. The joint venture is expected to bring innovation, new opportunities, and growth to the digital asset industry in the Middle East, positioning the region as a key player in the evolving Web3 space.