Cryptonews Blockchain News

South Korean Gaming Giant Wemade to Sell Shares in Lightscale Subsidiary: Report

Gaming

South Korea

Journalist

Tanzeel Akhtar

Journalist

Tanzeel Akhtar

About Author

Tanzeel Akhtar has been covering the cryptocurrency and blockchain sector since 2015. She has written for the Wall Street Journal, Bloomberg, CoinDesk, Bitcoin Magazine and Bitcoin.com.

Author Profile

Last updated:

July 15, 2024

Why Trust Cryptonews

Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews

South Korean gaming giant WeMade is planning to divest its shares in Lightscale, a subsidiary focused on blockchain project development, as reported by local media outlet Naver.

This strategic move marks Wemade’s intention to step down from its role as a major shareholder in Lightscale. The decision has sparked interest within the virtual asset industry, suggesting that the gaming giant might be scaling back its blockchain business.

Lightscale, is a Korean gaming company listed on the Korean stock market and has been at the forefront of developing blockchain projects, positioning itself as a significant player in the industry.

The firm has developed Kroma, a Layer 2 solution on Ethereum that integrates optimistic rollup (ORU) and zkEVM with permissionless validators. The firm was founded by Tk Taekyu Park and Derek Junyoung Chang in 2022.

Kim Seok-hwan, the vice President of WeMade, also serves as the CEO of Wemix Singapore and the executive director of Lightscale Holdings. His dual roles underscore the intertwined relationship between the gaming giant company and Lightscale, highlighting the strategic importance of the subsidiary within WeMade’s broader business operations.

If the sale goes ahead it could impact Lightscale’s operations and market positioning. WeMade and Lightscale were unavailable for comment at press time.

WeMade Hopeful Its Blockchain Gaming Push Paid Off

In March, WeMade said it is hopeful its massive blockchain gaming drive is starting to pay dividends. Its flagship project is the WEMIX coin and platform.

The South Korean game maker WeMade crypto project suffered a blow in February as regulators launched a probe into suspected “unregistered” sales on WEMIX platforms.