South Korean video game company Wemade and Whampoa Digital, the technology investment arm of Singapore’s Whampoa Group, have teamed up to raise a $100 million fund focused on Web3.
This partnership is expected to expand the reach of the digital asset industry, especially in the Middle East region, which is growing rapidly in the Web3 sector.
Wemade, well known for its Legend of Mir series, has launched W.The eb3 fund will support developers at the Wemix Play Center in Dubai.
Wemade added, “Both parties will jointly invest in potentially promising projects through mutual transactions and project recommendations, especially in the Web3 industry.”
“This partnership will enable us to break new ground in the digital asset industry beyond already established sectors, as well as foster innovation in the Middle East, one of the world’s fastest growing regions in the Web3 space. said senior partner Aureole Foong. A representative of the Whampoa Group said in a statement:
According to the statement, Whampoa Group is a privately held investment company owned by several families in Asia. It is associated with the Lee family, who are related to Singapore’s founding prime minister and a prominent business family.
Last May, Whampoa Group announced the establishment of Singapore Gulf Bank in Bahrain, a digital bank that will be open to cryptocurrency customers. Last August, an investment company employed JP Morgan’s Ali Moosa oversees the digital bank’s expansion in the region.
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