Seoul, South Korea, Sept. 18, 2023 (GLOBE NEWSWIRE) — Wemade and SK Planet agreed on a strategic partnership for expanding the blockchain and platform market ecosystems.
- A partnership between Wemade’s blockchain business WEMIX and SK Planet’s OK Cashbag business
- To make mutual minority share purchases by creating a close relationship
- Wemade chairman Gwanho Park to buy WEMIX coins with the proceeds from the stock sale for the WEMIX ecosystem growth
To accelerate closer business partnerships, the two companies are investing in each other’s shares.
Wemade and its subsidiary ChuanQi IP are acquiring 7.08% and 5.31% of SK Planet’s shares for 20 billion KRW and 15 billion KRW, respectively.
SK Planet is buying 20 billion KRW’s worth of Wemade’s convertible bond, and about 15 billion KRW of stocks owned by Gwanho Park, chairman of Wemade, thus holding around 1.27% of Wemade’s shares.
Chairman Park will buy WEMIX coins with the proceeds from the stock sale, a decision made for the growth and vitalization of the WEMIX ecosystem.
Both companies plan to find various ways for collaborative marketing and promotions, and expand into the blockchain field with OK Cashbag NFT membership.
“I expect this partnership will bring innovation to our platform ecosystem and enable us to offer new experiences and values to our customers,” said Hansang Lee, CEO of SK Planet. “We are committed to make synergistic effects and fruitful outcomes with Wemade.”
“The partnership with SK Planet, a long-standing company with a marketing platform like OK Cashbag, will create a tremendous synergy for both parties. The growth of Wemade and SK Planet in the Korean market will be accelerated, especially with our transparent society platform, Wepublic,” said Henry Chang, CEO of Wemade.
Wemade will continue to actively seek partnerships with Korean and global companies.
A renowned industry leader in game development with over 20 years of experience, Korea-based WEMADE is leading a once-in-a-generation shift as the gaming industry pivots to blockchain technology. Through its WEMIX subsidiary, WEMADE aims to accelerate the mass adoption of blockchain technology by building an experience-based, platform-driven, and service-oriented mega-ecosystem to offer a wide spectrum of intuitive, convenient, and easy-to-use Web3 services. Visit www.wemix.com/communication for more information.