Thanks to Announcement to Take over Blockchain Subsidiary
Game company Wemade’s stock price jumped more than 15 percent in a day thanks to its announcement that it would absorb Wemade Tree, a blockchain business subsidiary. Wemade's market capitalization topped 5 trillion won, ranking sixth in the KOSDAQ market.
Wemade’s stock price closed at 161,000 won on Oct. 26, up 15.08 percent from the previous day. Its stock price gained 110.46 percent over the past month and 318.18 percent from the beginning of this year.
The company's market capitalization jumped from 4,652.7 billion won on Oct. 25 to 5,354.4 billion won on Oct. 26. It rose by 10 notches from 82nd place to 72nd in the capitalization rankings among the KOSPI and KOSDAQ companies. In the KOSDAQ market, it rose by one notch from seventh place to sixth, closely trailing fifth-ranked Kakao Games with a market capitalization of 5,616.5 billion won.
Wemade announced on Oct. 25 that it would absorb Wemade Tree on Feb. 1 next year. Wemade said the purpose of the merger is to strengthen its capabilities in blockchain-based game services and expand the Wemix platform business.
Wemade developed the Mir series, a massively multiplayer online role-playing game (MMORPG). Wemade Tree created a blockchain platform called Wemix and cryptocurrency Wemix Coin.
Launched by Wemade in November 2020, the game Mir 4 allows users to mine black iron in the game and turn it into a game coin called Draco. Draco can be exchanged with Wemix Coin, which can be cashed in at cryptocurrency exchanges. Gamers can trade their characters and items by making them non-fungible tokens (NFTs), too.