White Star Capital raises $120 million for a Web3 investment fund backed by Ubisoft

The Web3 technology investment firm will use the new funds to invest up to $7 million in up to 25 startups spanning Europe, Asia, and North America.

White Star Capital, a venture capital firm focused on technology, has raised $120 million for its second Digital Asset Fund (DAF II), which will invest in cryptocurrency networks and early-stage blockchain and Web3 firms.

The fund is principally backed by Ubisoft, the world’s largest game publisher, and will focus on decentralised finance (DeFi) and gaming. It will invest up to $7 million in each of twenty-five to twenty-five enterprises located in North America, Europe, and Asia.

The company’s increased focus on DeFi, Web3, and blockchain-based technology suggests that it will expand its support to enterprises who utilise or build Metaverse solutions. This would place it within the space that Animoca Brands has carved out for itself.

ALEX, a stacks-based DeFi protocol, and Paraswap, a decentralised exchange (DEX), are among White Star’s past investments from its first DAF in 2020.

Additionally, on March 10, it contributed to the Bitcoin Odyssey, an effort in which investment firms committed $165 million to solutions aimed at increasing Bitcoin usage.

Investments in Metaverse and NFT gaming are increasing early this week as traders seek diversification from the bear market in crypto. Bitcoin (BTC) has lost 5.62 percent in the last 24 hours and is currently trading slightly below $40,000.

On April 11, Epic Games, the creator of Fortnite, announced a $2 billion funding round led by Sony Group Corporation and LEGO Group holding company KIRKBI. Epic’s new commitment to create virtual games for the Metaverse piqued investors’ interest.

Animoca recently announced the acquisition of Eden Games, a publisher of racing games, for $15.3 million in order to expand its REVV Motorsport NFT gaming ecosystem and develop further Metaverse games.

 

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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