Wemade is a blockchain gaming services firm based in Korea that has recently released its own stablecoin. Furthermore, Microsoft, a worldwide software company, has made a $14.8 million investment in the company. The stablecoin offered by the company is called Wemix. The company in question was one of the participants in the $46 million investment round, which also included Shinhan Asset Management and Kiwoom Securities as the other two entities involved.
Microsoft is assisting video game creator and publisher Wemade, which is headquartered in Korea.
Microsoft has provided financial assistance to Wemade, a Korean blockchain gambling operator. Microsoft provided this assistance by participating in a $46 million financing round. This round of convertible bonds, which was part of the round in which Wemade issued convertible bonds, got a $14.8 million investment from Microsoft. According to the data filed with the regulatory bodies, there were two additional organizations involved in the transaction. Shinhan Asset Management and Kiwoom Securities both bought bonds, with Shinhan Asset Management investing $21.2 million and Kiwoom Securities investing $10.5 million.
Wemade, which was created in 2000 and presently manages more than 20 blockchain games, sees this achievement as a great accomplishment, especially in light of the bitcoin industry’s difficult economic conditions. Wemade considers this breakthrough to be a great victory for the following reasons: In a news statement, Wemade’s Chief Executive Officer, Henry Chang, stated:
Wemade and Wemix intend to continue making hard attempts to get additional money and make aggressive investments in order to build a platform for the global digital economy. This is a substantial investment made by well-known financial and strategic investors with a track record of success.
Furthermore, the use of stablecoins for gaming purposes
Despite the fact that gaming is its major focus, Wemade hopes to develop a token economy through its multiple gaming sites. This is despite the fact that its primary concentration is on gaming. Wemix is the name given to the organization’s own stablecoin, which was established on October 22 after Chang declared it to be so. Chang’s vision for Wemix was for it to someday become an integral part of the region’s gaming ecology.
Dios is a balancing mechanism designed to keep the asset’s price, which is fixed to the US dollar, stable. Dios is designed to keep the price stable even when demand for the asset is at its peak, thus it can keep the price stable even when demand is at its peak. The USDC acts as the stablecoin’s overall backing. Chang made the following statement on the test flight:
If everything goes as planned, Wemix will not only help to expand the Wemix mainnet ecology, but it will also become a crucial currency for usage in blockchain transactions. This is assuming that everything goes as planned.
Despite the fact that Microsoft employee Phil Spencer has been vocal in his disapproval of what new technologies such as play-to-earn models, non-fungible tokens (NFTs), and the metaverse bring to the table for traditional gaming, decisions regarding other companies in the field have not changed as a result of his statements. On August 5, Microsoft stated that it would be providing a grant to Star Heroes, a blockchain-based game that is still in development. The funds would allow Star Heroes to access resources that are not available to other AAA game developers.
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