Action Square Completes 30 Billion KRW Paid-in Capital Increase... "Expanding Blockchain Games and Metaverse Business"

[Asia Economy Reporter Jang Hyowon] Action Square is expanding its blockchain game and metaverse business by utilizing the cash secured through large-scale fundraising.

On the 24th, Action Square announced that the payment for a 30 billion KRW paid-in capital increase issued to Wemade Innovation, Netmarble, One Store, and major shareholder YJM Games, among others, has been completed. The issuance price of the new shares in the paid-in capital increase is 7,090 KRW, and the issued shares will be deposited with the Korea Securities Depository and subject to a one-year lock-up period.

Action Square, a specialist action game developer, developed ‘Blade for kakao,’ the first mobile game to win the Korea Game Awards. Based on the ‘Blade’ IP (intellectual property), Action Square plans to launch a new blockchain P2E mobile game, 'Blade: RE.ACTION' (hereafter Blade: RE.ACTION), in the global market in the first half of next year.

Additionally, on the 2nd, they released the global multi-platform shooting action game ‘Anvil’ on Steam (Early Access), Xbox console (Game Preview), and Xbox Game Pass. ‘Anvil’ ranked first in sales in the Korean region on Steam and 14th worldwide shortly after its release.

Kim Yeonjun, CEO of Action Square, said, “We plan to actively strengthen blockchain-based P2E games and metaverse business by utilizing the funds secured through the paid-in capital increase,” adding, “Our strategy is to actively collaborate with partner companies that have become shareholders of Action Square to introduce various games as blockchain games.”