Web3 is touted as the next generation of the Internet, characterised by users who own and control their data. The concept uses blockchain technology and relies heavily on cryptocurrencies to incentivise use.
Pursuing innovation in gaming and blockchain
Wemade will create and name the fund Wemade Web3 Fund, targeting investments in gaming studios and blockchain projects planning offices at Wemix Play Centre in Dubai International Financial Centre (DIFC). DIFC and Wemix Play Centre will offer facilities and mentorship to the fund’s companies, with Whampoa Digital acting as an ecosystem partner to both the fund and Wemix Play Centre.
On 22 December 2023, Whampoa Digital and Wemade said they will engage in mutual and project referrals with a focus on the Web3 industry, and potentially co-invest in ‘promising projects’.
Both parties will also collaborate to develop blockchain infrastructure and solutions for the gaming and Web3 industries. They intend to apply and integrate these solutions with financial institutions supporting such industries, with the aim of promoting the ‘seamless adoption of digital assets globally’.
Officials from WHAMPOA Digital said this partnership will allow them to pioneer new horisons in the digital asset industry beyond their already established sectors, as well as foster innovation in the Middle East, one of the world’s growing regions in the Web3 space.
In August 2023, the family office recruited Ali Moosa from JPMorgan Chase to help oversee Singapore Gulf Bank, a digital bank in Bahrain whose services include payments and settlement for crypto companies.
Whampoa Group received an in-principle approval in May 2023 from Bahrain to set up Singapore Gulf Bank, and plans to launch it in December 2023.
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