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Whampoa Digital and gaming company Wemade have inked a strategic partnership to launch a $100 million Web3 Fund under the banner of Wemade (Wemade Web3 Fund). Additionally, the two firms will collaborate on digital asset initiatives in the Middle East, according to a joint announcement on Friday.
As part of this alliance, Whampoa Digital will become an ecosystem partner for Wemade's WEMIX PLAY Center in Dubai International Financial Centre (DIFC) and the Wemade Web3 Fund. Both entities will engage in mutual deal and project referrals, primarily within the Web3 industry, and explore potential co-investments in promising projects.
In a non-binding memorandum, Whampoa Digital and Wemade outlined plans to leverage each other's technical and operational expertise to develop blockchain infrastructure and solutions tailored for the gaming and Web3 industries. These solutions will be integrated into the operations of financial institutions supporting these industries, facilitating the global adoption of digital assets.
Middle East Meets Web3
Aureole Foong, senior partner at Whampoa Group, expressed excitement about the partnership, highlighting the opportunity to pioneer new horizons in the digital asset industry and foster innovation in the rapidly growing Middle East Web3 space. Wemade CEO, Henry Chang, emphasized the shared insights related to blockchain technology that both entities bring to the partnership and their commitment to expanding collaborations with global partners.
This partnership underscores Wemade's expanding role as an operational and technical provider of blockchain solutions beyond gaming and aligns with the company's steadfast commitment to extending its presence in the Middle East and North Africa region.
Wemade operates WEMIX PLAY, a global Web3 gaming platform with over 250,000 players. The company has previously invested in gaming studios including Lionheart Studio, Shift Up, and MADNGINE, the developer behind the massively successful NIGHT CROWS mobile and PC game.
Dubai's Digital Oasis
Wemade is also in the process of establishing a Web3 gaming center at Dubai International Finance Centre's (DIFC) Innovation Hub. The $100 million Wemade Web3 Fund is specifically aimed at promising gaming studios and blockchain projects intending to establish an office within the WEMIX Play Centre at the DIFC Innovation Hub. DIFC Innovation Hub is the largest innovation community in the region, housing over 700 growth-stage tech firms, established innovation companies, venture capital firms, regulators, and educational entities.
Whampoa Digital, the technology investment arm of Whampoa Group, a privately held investment company backed by several established Asian families, has a track record of early investment in digital assets and Web3 ventures. The group is currently establishing Singapore Gulf Bank, a digital bank in Bahrain that will offer digital banking services to global investors and institutions participating in the digital economy.