South Korea’s WeMade Expands Offerings, Sees Singapore as “Perfect Sanctuary”

South Korea’s WeMade Expands Offerings, Sees Singapore as “Perfect Sanctuary”
Shane Kim, WeMade
27 October 2022

South Korea-based blockchain gaming company WeMade recently announced the debut of its Wemix 3.0 network.

The new public blockchain was launched on October 20 and is set to power WeMade’s three upcoming blockchain services: the “WeMix Play” blockchain game platform, the Nile NFT service, and the WEMIX.Fi DeFi service. Prior to the launch of Wemix 3.0, WeMade’s services were operating on Kakao’s Klaytn network.

WeMade also launched its new stablecoin, $WEMIX, which will be pegged to and backed completely by Circle’s USD coin (USDC).

“A new digital economy based on blockchain technology is being opened around the world, and Wemix, which started 4 years and 10 months ago, has been building business leadership. In addition, we will lead the paradigm shift towards the digital economy”, WeMade CEO Jang Hyeon-guk said in a press release.

Read more: South Korea Shows How It’s Rethinking Governance Using Blockchain Tech

According to Shane Kim, CEO of WeMix and vice president of WeMade, the company sees Singapore as an ideal base for its business processes, despite the country having a smaller market for blockchain-based games.

“Singapore is our base, and the perfect sanctuary for our business…Singapore is actually a very developed company but I think the market is not that big,” Kim said in a conversation with Blockhead.

Read more: Gauging Growth for GameFi : Guilds, VCs & Gamers

The company is also eyeing the rest of Southeast Asia, as the region remains an untapped market compared to other more matured markets like Europe and North America.

“The gaming industry gained popularity in Europe and the North American market for more than 50 years. But Southeast Asia is kind of a ‘pure’ market – it has no concrete traditions and strong beliefs when it comes to the gaming industry”, he said

“Southeast Asia can easily accept the new Web3 gaming”, he added.

WeMade, known for its online game Legend of Mir, which boasts over 500 million players mostly in South Korea and China, established its blockchain unit Wemade Tree Co. in 2018, with the company listing its own coin WeMix in 2020. Wemade also invested KRW80 billion (US$56.3 million) in Vidente Co., the single-biggest shareholder of crypto exchange Bithumb.

Blockhead Team
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