Major East Asian investors launch a $100 million Web3 fund in Dubai
South Korean gaming giant Wemade (WEMIX) teamed up with Whampoa Digital, the technology investment arm of Singapore’s Whampoa Group, to launch a $100 million Web3 fund for driving digital asset initiatives in the Middle East.
According to a Dec. 22 statement, Whampoa Digital will join the WEMIX PLAY Center within the Dubai International Financial Centre (DIFC) Innovation Hub, fostering initiatives that could lead to investments in promising digital asset projects.
The DIFC Innovation Hub is the largest innovation community in the region, with over 700 tech firms, including innovation companies, digital labs, venture capital firms, and educational institutions.
Both parties boast impressive track records in their respective industries. Wemade, operating WEMIX PLAY, one of the world’s largest Web3 gaming platforms, has made substantial investments in Web3 gaming. In October, the gaming company revealed it was using Chainlink’s (LINK) Cross-Chain Interoperability Protocol (CCIP) to power an interoperable Web3 gaming ecosystem.
Similarly, Whampoa Digital is an early investor platform focused on digital assets and Web3 ventures. According to the statement, it is a subsidiary of Whampoa Group, a privately held investment firm owned by several established Asian families.
Whampoa Digital drives blockchain technology by collaborating with renowned web2 and web3 companies. The company is currently in the process of establishing the Singapore Gulf Bank, a digital banking institution in Bahrain.
Aureole Foong, the Senior Partner at Whampoa Group, hailed Wemade as a Web3 gaming powerhouse, expressing enthusiasm for the partnership.
Foong said that this collaboration would “pioneer new horizons in the digital asset industry beyond the existing landscape”. He highlighted the potential for fostering innovation in the rapidly growing Web3 sector in the Middle East.
Meanwhile, Henry Chang, CEO of Wemade, said:
“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.”