Microsoft Invested In Wemade In A $46 Million Funding Round
Today, Wemade has received $46 million in funding. This round was attended by Shinhan Asset Management, Kiwoom Securities, and Microsoft Corporation.
Although Wemade was founded in the early 2000s, it just shifted to Web3 and debuted both its mainnet and a stablecoin last month.
Microsoft dabbled in Web3 earlier this year by investing in blockchain software developer Consensys. A job posting for a Web3 and blockchain product manager also indicated that the company was attempting to form an internal team. It participated in a financing round for the decentralized data platform Space and Time in September.
Henry Chang, CEO of Wemade, stated:
“This is a meaningful investment by reputable financial and strategic investors with proven track records. Wemade and Wemix will continue to exert efforts to attract more capital and actively invest to build the global digital economy platform.”
Wemade fell into difficulty last week with its new WEMIX stablecoin due to a mismatch between the token’s intended and actual distribution and a lack of clear transparency regarding the circulating quantity.
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