South Korean video game company Wemade and Whampoa Digital collaborate to create a $100 million Web3 fund
South Korean video game company Wemade has partnered with Whampoa Digital, the technology investment sector of Singapore’s Whampoa Group, to establish a $100 million fund focused on Web3. This collaboration aims to expand the reach of the digital asset industry, particularly in the rapidly growing Middle East region.
Support for developers at Wemix Play Center in Dubai
Wemade’s Web3 fund will provide support for developers at its Wemix Play Center located in Dubai. The partnership between the two companies will involve mutual deal and project referrals, with a focus on the Web3 industry. There is also potential for co-investment in promising projects.
Pioneering new horizons in the digital asset industry
Aureole Foong, senior partner of Whampoa Group, expressed excitement about the partnership, stating that it will enable them to pioneer new horizons in the digital asset industry beyond their current sectors. Foong also highlighted the opportunity to foster innovation in the Middle East, which is one of the fastest-growing regions in the Web3 space.
About Whampoa Group
Whampoa Group is a privately held investment firm owned by established families in Asia. It has ties to prominent business families and the Lee families, who are related to Singapore’s founding prime minister.
Expansion into digital banking and crypto clients
In addition to this collaboration, Whampoa Group has been making strides in the digital banking sector. In May, they announced the establishment of Singapore Gulf Bank, a digital bank open to crypto clients based in Bahrain. To oversee its expansion in the region, Whampoa Group hired Ali Moosa from JP Morgan in August.
Hot Take: A Promising Partnership for Web3 Innovation
The collaboration between Wemade and Whampoa Digital represents a significant step towards the growth and innovation of the Web3 sector. With a $100 million fund dedicated to supporting developers and fostering innovation, this partnership has the potential to drive the expansion of the digital asset industry, particularly in the Middle East. As Web3 continues to gain traction globally, initiatives like this will play a crucial role in shaping its future. The involvement of Whampoa Group, a reputable investment firm with ties to influential families, further solidifies the credibility and potential impact of this collaboration.
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