South Korean Game Company Wemade and Whampoa Digital Partner to Create $100 Million Web3 Fund, Expanding Reach in the Middle East
South Korean gaming company Wemade and Whampoa Digital, the technology investment arm of Singapore's Whampoa Group, have partnered to establish a $100 million fund focused on Web3. The collaboration aims to expand the digital asset industry's presence, particularly in the rapidly growing Middle East region. Wemade's Web3 fund will provide support for developers at the Wemix Play Center in Dubai. The partnership will also involve mutual deal and project referrals, with potential co-investments in promising Web3 projects. Whampoa Group is a privately held investment firm connected to established Asian families, including those associated with Singapore's founding prime minister. In May, the group announced plans to launch a digital bank in Bahrain catering to crypto clients, while it recently hired a JP Morgan exec to oversee the bank's expansion.