On July 15th, it was reported that South Korean electronic gaming giant Wemade plans to sell its shares in its blockchain subsidiary, Lightscale, and resign from its position as the major shareholder. Some interpretations suggest that this sale of shares is a move by Wemade to reduce its blockchain business.
As of the end of March this year, Lightscale Holdings, a Singaporean company, held 100% of Lightscale's shares. Wemix Singapore Corporation owns 70% of Lightscale Holdings. Wemix Singapore Corporation is a company established by Wemade, with 100% equity investment.
An official familiar with the virtual asset industry stated, "As far as we know, Wemade is currently in contact with several venture capitalists (VCs) and is liquidating its shares. Wemade is giving up its position as the major shareholder, but will not sell all of its shares invested in Lightscale."