Singapore-based Whampoa Digital and South Korean gaming giant Wemade have announced a strategic partnership, embarking on a $100 million Web3 Fund initiative and digital asset ventures in the Middle East.
This collaboration involves Whampoa Digital becoming an ecosystem partner for Wemade’s WEMIX PLAY Center in Dubai and the Wemade Web3 Fund.
The partnership focuses on mutual project referrals and potential co-investments in the Web3 industry.
The agreement includes leveraging each other’s expertise to develop blockchain infrastructure and solutions, targeting the gaming and Web3 sectors. These innovations aim to facilitate global digital asset adoption through integration with financial institutions.
Wemade, known for operating the WEMIX PLAY global Web3 gaming platform and investing in leading gaming studios, is establishing a Web3 gaming center in Dubai International Finance Centre’s (DIFC) Innovation Hub.
The $100 million Wemade Web3 Fund will support promising gaming studios and blockchain projects setting up offices in the WEMIX Play Centre at the DIFC Innovation Hub, which provides advanced facilities and mentorship.
DIFC Innovation Hub, where the fund will be based, is a thriving community hosting over 700 tech firms and innovators.
Whampoa Digital, part of the Whampoa Group and an early investor in digital assets and Web3 ventures, is also establishing the Singapore Gulf Bank in Bahrain to offer digital banking services to the digital economy sector.
Aureole Foong, Senior Partner at Whampoa Group, expressed excitement about the partnership, highlighting its potential to drive innovation in the rapidly growing Middle Eastern Web3 sector. Wemade CEO Henry Chang emphasized the value of shared blockchain insights and the commitment to expanding collaborations globally.
This partnership marks Wemade’s increasing prowess in blockchain solutions and signifies its commitment to expanding in the Middle East and North Africa region. Both companies aim to harness their respective strengths to pioneer new frontiers in the digital asset industry.