Whampoa Group partners South Korean gaming company for US$100 million Web3 fund
WHAMPOA Digital, the technology investment arm of Singapore family office Whampoa Group, is teaming up with South Korean gaming company Wemade to collaborate on a US$100 million Web3 fund, as well as digital asset initiatives in the Middle East.
Web3 is touted as the next generation of the Internet, characterised by users who own and control their data. The concept uses blockchain technology and relies heavily on cryptocurrencies to incentivise use.
The fund will be established by Wemade and named Wemade Web3 Fund.
It aims to invest in gaming studios and blockchain projects that intend to set up an office at Wemade’s Wemix Play Centre in Dubai International Financial Centre (DIFC). There, DIFC and Wemix Play Centre will provide facilities and mentorship support to the fund’s investee companies. Whampoa Digital will serve as an ecosystem partner to the fund and Wemix Play Centre.
On Friday (Dec 22), Whampoa Digital and Wemade said they will engage in mutual and project referrals with a focus on the Web3 industry, and potentially co-invest in “promising projects”.
Both parties will also collaborate to develop blockchain infrastructure and solutions for the gaming and Web3 industries. They intend to apply and integrate these solutions with financial institutions supporting such industries, with the aim of promoting the “seamless adoption of digital assets globally”.
“This partnership will allow us to pioneer new horizons in the digital asset industry beyond our 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 Whampoa Group senior partner Aureole Foong.
In August, the family office recruited Ali Moosa from JPMorgan Chase to help oversee Singapore Gulf Bank, a digital bank in Bahrain whose services include payments and settlement for crypto companies.
Whampoa Group received an in-principle approval in May from Bahrain to set up Singapore Gulf Bank, and plans to launch it in December.
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