Microsoft has participated in a $46 million investment round to back Korea-based blockchain gaming operator Wemade.
Software giant Microsoft has made a $14.8 million investment in Wemade, a Korea-based blockchain gaming services company that has recently launched its own stablecoin, named Wemix. The company was part of a $46 million investment round, that also saw the participation of two more companies: Shinhan Asset Management and Kiwoom Securities. The round, which involved Wemade selling convertible bonds, saw Microsoft purchase $14.8 million in these bonds.
The stablecoin, which is pegged to the U.S. dollar, is backed entirely in USDC and operates through a balancing protocol called Dios, which is designed to allow the price to be maintained even as the asset faces periods of peak demand. On this experimental launch, Chang stated: If Wemix operates successfully as planned, it will not only contribute to the growth of the mainnet ecosystem of Wemix but also become a key currency for blockchain transactions.
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