South Korean video game giant Wemade seeks to sell its stake in blockchain subsidiary Lightscale

ChainCatcher news, according to Chosun Biz, South Korean video game giant Wemade plans to sell its stake in its blockchain subsidiary Lightscale and resign from its position as a major shareholder. Some interpretations suggest that this sale of shares is a move by Wemade to scale back its blockchain business.

As of the end of March this year, 100% of Lightscale's shares are held by the Singapore company Lightscale Holdings. Wemix Singapore Corporation owns 70% of Lightscale Holdings. Wemix Singapore Corporation is a company established with 100% equity investment from South Korea's Wemade.

An official from the virtual asset industry familiar with the matter stated, "As we understand, Wemade is currently in contact with several venture capitalists (VCs) and is liquidating its shares. Wemade is relinquishing its major shareholder status but will not sell all of its investment in Lightscale."