South Korea’s WeMade invests in blockchain property startup Kasa

South Korea’s WeMade invests in blockchain property startup Kasa

South Korean video game developer WeMade revealed today it has invested in Kasa, a blockchain-based digital asset-backed securities (DABS) trading platform with a focus on prop-tech — where information technology is applied to real estate economics.

Fast facts

  • Kasa is a platform where users can invest in commercial buildings with small amounts of money, similar to buying stocks. By entrusting 5,000 Korean won (about US$4.23) into Kasa, investors earn one DABS. Investors will receive quarterly dividends according to the amount of DABS they hold. When they sell their DABS, they earn market profit.
  • Ye Chang-wan, Kasa’s CEO, said in a local media interview that his experience in facing difficulty paying high rents inspired how he could bring ownership of high-rise buildings to ordinary people. In South Korea, where real estate prices in cities have been steadily rising for the past two decades, purchasing one’s own land property is highly coveted, perhaps even more so than in other countries. Kasa has listed three commercial buildings, situated at the economic heart of Seoul, on its platform. Platform listings have all sold out since.
  • WeMade’s investment is part of Kasa’s 19 billion Korean won (about US$16 million) Series B round along with other investors such as PGS Partners, Arche Investment and Yuanta Investment. Kasa has raised investments worth around 40 billion won (about US$33.8 million) so far. The company also plans to construct a real-estate DABS exchange in Singapore in the first half of next year.
  • Meanwhile, WeMade is the developer behind video game MIR4, which gained global popularity after releasing a blockchain-based play-to-earn global edition in August this year. WeMade has been actively placing investments in blockchain, crypto and decentralized finance (DeFi) businesses, such as in the Klaytn-based ClaimSwap and in the Web3 ecosystem venture capital fund by domestic blockchain investment firm Hashed.