Wemade expands into Middle East with blockchain game hub

[WEMADE]

Korean game publisher Wemade plans to establish a center dedicated to its blockchain game ecosystem to expand into the Middle East.

The move comes as a partnership signed with the Innovation Hub of Dubai International Financial Centre (DIFC), Wemade said on Wednesday.

DIFC is a global financial hub providing a platform for businesses in banking, finance and professional services within the Middle East. Its Innovation Hub is a foundation established within the center to promote growth in the game, AI and Web3 businesses.

Through the partnership, Wemade will build a Wemix Play Center within the hub and create a separate space for global game companies that have onboarded their work onto the Wemix game platform. It also plans to raise a $100 million fund for Web3 service developers and entrepreneurs.

The Korean company hopes to actively communicate with the center and create the best business strategy related to the United Arab Emirates’ cryptocurrency regulations.

Moreover, the company is working to register Wemix as a recognized crypto token from the DIFC’s financial regulator, the Dubai Financial Services Authority (DFSA).

Once certified, Wemix will be utilized for transactions with over 4,900 companies and private investors. Currently, only five tokens — BTC, ETH, LTC, XRP and TON — can be traded since the DFSA set the cryptocurrency framework to regulate financial services in November 2022.

BY LEE JAE-LIM [lee.jaelim@joongang.co.kr]