[TechM – Reporter Sooho Lee]
Jang Hyun-guk, a veteran in Korea’s gaming industry and the new CEO of ActionSquare,
has officially begun laying the foundation for integrating his blockchain ventures into the company.

According to the Korea Exchange on the 24th, CEO Jang demonstrated strong commitment to ActionSquare’s management
by purchasing 233,355 shares on the open market on the 20th.
The shares were acquired at 2,139 KRW each, amounting to a total of approximately 500 million KRW.

Earlier, Jang had directly invested 5 billion KRW in ActionSquare, acquiring 5,537,099 shares.
Separately, he also signed an agreement with Linked, the current largest shareholder,
to secure rights to acquire its 9.42% stake—signaling his intention to become the company’s largest shareholder.
He is not simply acting as a CEO but positioning himself as the actual owner to lead the business.

With this move, Jang could hold over 20% of ActionSquare’s total shares.
Currently, Linked owns about 26%, and if Jang exercises the purchase rights,
he would become the largest shareholder. ActionSquare has already disclosed that
if this right is exercised, the largest shareholder will change.

Additionally, ActionSquare recently announced it will issue 20 billion KRW worth of convertible bonds
to ST No.45 New Technology Investment Association, a fund with 20 investors.
The largest shareholder of this fund is Gemopia.
Although further details were not disclosed, it is widely speculated in the industry
that former Wemade CEO Jang attracted these external investors himself—effectively making it friendly capital.

Furthermore, industry insiders expect a wave of former Wemade personnel or those interested in the WEMIX project
to join ActionSquare. With the U.S. under the Trump administration positioning blockchain and Bitcoin as strategic assets,
Jang’s previous success with WEMIX is drawing followers.

While ActionSquare has yet to unveil a detailed blockchain strategy,
it is widely expected that under Jang’s leadership, major shifts are imminent.
In addition to its traditional mobile and PC game development, the company is expected to develop P2E games,
launch a blockchain platform, onboard external P2E projects,
and collaborate with global blockchain networks.
Name changes, business model expansion, the publication of a white paper, and a native token launch are also expected.

Most importantly, industry analysts believe that Jang’s sharp investment insight
will be key to expanding ActionSquare’s reach.
During his tenure at Wemade, he made an early investment in Lionheart Studio (developer of “Odin”),
yielding over 20x returns in just four years. He also led early investments in Shift Up and Mad Engine.
His strong network with Korea’s top-tier game developers further enhances his advantage.

Another insider noted,
“Many key blockchain talents—developers, planners, and more—are likely to follow Jang to ActionSquare,
especially at a time when major Korean projects have lost momentum.
Given the success of WEMIX, both domestic and international markets are expected to turn their attention
to ActionSquare starting early next year.”

Reporter: Sooho Lee (lsh5998688@techm.kr)
December 24, 2024, 12:40 PM

Original Article: TechM
https://www.techm.kr/news/articleView.html?idxno=133882