Wemade Divests Blockchain Subsidiary Lightscale

IconCryptoNewsTerminal Staff14 Jul, 2024

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Wemade Divests Blockchain Subsidiary Lightscale

According to Chosun Biz, Wemade has begun the process of divesting its stake in Lightscale, a blockchain project development subsidiary. As of March, Lightscale's stake was wholly owned by Singapore-based Lightscale Holdings, which is 70% owned by WEMIX, a wholly-owned subsidiary of Wemade. This divestment is part of Wemade's process of scaling down its blockchain business. However, Lightscale plans to maintain its blockchain business even after the change in major shareholder. Lightscale is a Korean-based corporation that launched the Chroma mainnet last September, and has announced plans to issue Kro(KRO) in the third quarter. The crypto market has been in a downturn lately and Wemade is not the only company scaling back its blockchain operations. Other companies, such as Meta and Twitter, have also recently announced layoffs in their blockchain divisions.

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