Jang Hyun-guk, CEO of Wemade, Purchases Full Salary and Dividends in 'Wemix'

[Asia Economy Reporter Kang Nahum] Jang Hyun-guk, CEO of Wemade, has decided to use his entire salary and stock dividends to purchase the cryptocurrency 'Wemix.'

According to Wemade on the 14th, it was announced through the Wemix website the day before that "CEO Jang Hyun-guk has decided to use his salary and stock dividends to purchase the cryptocurrency 'Wemix' to expand the Wemade blockchain ecosystem."

A Wemade official explained, "CEO Jang has decided to link his compensation (salary, etc.) unconditionally with the Wemix ecosystem for the growth of Wemade," adding, "This is a decision for advancement beyond P2E (Play to Earn), DeFi (decentralized finance), and NFTs (non-fungible tokens) to the next stage." He further added, "CEO Jang will be rewarded according to the company's performance and the growth of the Wemix ecosystem."

The compensation CEO Jang received last year totaled 6.916 billion KRW, including ▲salary of 380 million KRW ▲bonus of 3.178 billion KRW ▲stock option exercise gains of 3.356 billion KRW ▲other earned income of 2 million KRW.

This decision by CEO Jang appears to be aimed at restoring market trust in Wemix. Previously, Wemade liquidated 180 million Wemix tokens since November 2020, converting them into 227.1 billion KRW in cash, of which 166.7 billion KRW was reportedly used to acquire SundayToz. Notably, in the fourth quarter of last year, when the price of Wemix surged sharply, Wemade sold 160.9 billion KRW worth of Wemix on the market, drawing significant criticism from investors.

Subsequently, Wemade announced that it would burn 1% of the total issued Wemix tokens for every 10 USD increase in price until the price reaches 200 USD, in an effort to restore trust. However, the price of Wemix has yet to show signs of recovery. Having approached 30,000 KRW in November last year, Wemix has continued to decline and currently remains in the 5,000 KRW range.

CEO Jang remains confident in the growth of Wemix. In a previous interview with Asia Economy, he stated, "The overall asset market has continued to decline due to the ongoing impact of COVID-19 and the outbreak of war. Wemade's stock price has fallen particularly sharply because the growth stock nature of the gaming industry and the growth asset nature of cryptocurrency combined to amplify the fluctuations. However, Wemade has confidence in cryptocurrency."