Wemade stocks fall following blockchain wallet service closure

[Photo by Yonhap]

Wemade Co.’s stock price fell during Tuesday‘s morning session following the news that it is shutting down its blockchain wallet service, which was launched in 2022, after just six months.

Wemade shares were trading at 40,150 won ($29.15) as of 9:14 a.m., down 4.52 percent from the previous trading day. The shares traded at 39,900 won, or down 5.11 percent, immediately after the session opened.

Wemade launched Project Unagi, an omnichain initiative project that connects various virtual assets and various apps on different blockchains, including Wemix 3.0, Ethereum and Polygon, in 2023. But the company announced on Monday that it would close its una Swap service, which exchanges virtual assets held for currencies on different blockchains, with its una Wallet blockchain wallet service also scheduled to be closed later in the year.

For its part, Youngone Corp. saw its stock prices rise more than 12 percent as the company plans to buy back 50 billion won worth of the company’s shares.

Youngone‘s stocks were trading at 36,600 won as of 9:26 a.m., up 4,100 won (12.62 percent) from the previous day.

The company announced on Monday that it entered into a trust agreement with Shinhan Securities Co. to buy back its shares worth 50 billion won to increase shareholder value via price stability.