Microsoft has invested $14.8 million in South Korean video game company Wemade, through convertible bonds, reports TechCrunch. Wemade is the developer of the massively multiplayer online role-playing game series Legend of Mir, and has been a player in blockchain gaming for a few years.
Wemade has raised $46 million in total from Microsoft, asset management firm Shinhan Asset Management and financial firm Kiwoom Securities, both of which are South Korean.
Founded in 2000, Wemade changed its strategy in 2018 to invest in web3. Last summer, the company launched a blockchain gaming platform dubbed Wemix, with play-to-earn and NFT features, and a blockchain version of the 4th installment in its Mir saga. It has also acquired a cryptocurrency and a decentralized finance platform.
A tropism for web3 infrastructures
Microsoft’s ambitions in the blockchain universe are still nebulous, but its investments seem to indicate that the group is betting on infrastructure solutions. This is the case for Wemade, which seeks to become the blockchain gaming platform (the South Korean hopes to reach a hundred games by the end of the year). This is also the case with ConsenSys, in which Microsoft invested during its last funding round in March 2022. ConsenSys is behind the MetaMask cryptocurrency wallet and Infura, which provides solutions for developing applications on the Ethereum blockchain.
The Redmond group also participated in Space and Time’s $20 million fundraiser last September, as the leader of the round. This American start-up is developing a decentralized data analysis platform, combining on-chain and off-chain data, which will be integrated into Microsoft Azure cloud solutions. Microsoft therefore seems to be sticking to its strategy of business services, intended to help them develop and run applications on the blockchain.