Whampoa Digital Partners Wemade in $100 Million Web3 Fund and Middle East Digital Asset Ventures

Singapore-based Whampoa Digital announced it has entered a strategic partnership with South Korea’s gaming giant, Wemade, following plans to pool resources to establish a remarkable US$100 million Web3 Fund and drive digital asset initiatives in the Middle East.

Under this partnership, Whampoa Digital has become an ecosystem partner for Wemade’s WEMIX PLAY Center, located in Dubai International Financial Centre’s Innovation Hub. The partnership extends to the Wemade Web3 Fund, where both companies will engage in mutual deals and project referrals within the Web3 industry, with potential co-investments in promising projects.

According to the announcement, today’s memorandum outlines plans for leveraging technical and operational expertise to develop blockchain infrastructure and solutions for the gaming and Web3 sectors. The goal is to integrate these solutions with financial institutions globally, facilitating the seamless adoption of digital assets.

Wemade, known for its WEMIX PLAY platform with over 250,000 concurrent players, has a track record of investing in successful gaming studios. The company is currently developing the WEMIX PLAY Center in Dubai, which will serve as a global Web3 gaming hub. The accompanying US$100 million Wemade Web3 Fund aims to attract gaming studios and blockchain projects to set up offices within the hub, providing state-of-the-art facilities and mentorship support.

The collaboration aligns with Whampoa Digital’s role as the technology investment arm of Whampoa Group, an early investor in digital assets and Web3 ventures. Whampoa Digital is also making strides in the financial sector, setting up Singapore Gulf Bank in Bahrain to offer digital banking services to global investors, innovators, and institutions participating in the digital economy.

Aureole Foong, Senior Partner at Whampoa Group, expressed excitement about the partnership, highlighting the potential to pioneer new horizons in the digital asset industry and foster innovation in the rapidly growing Middle East Web3 space.

Wemade CEO Henry Chang also emphasized the commitment to expanding collaborations with global partners, stating, “Through our partnership with Whampoa Digital, a leading investment firm in Singapore, we strive to share valuable insights related to blockchain technology, each party bringing their unique expertise to the partnership.”