White Star Capital raises $120M for Ubisoft-backed Web3 funding fund

Know-how enterprise capital agency White Star Capital has secured $120 million in funding for its second Digital Asset Fund (DAF II) to put money into crypto networks and early-stage blockchain and Web3 companies.

The fund is primarily backed by recreation publishing large Ubisoft and can take a specific deal with decentralized finance (DeFi) and gaming. It’s going to make investments as a lot as $7 million in every of the 20-25 firms in North America, Europe and Asia.

The agency’s elevated consideration to DeFi, Web3 and blockchain-based know-how suggests that it’s going to start to assist firms that make the most of or develop metaverse options as nicely. This may convey it into the area through which Animoca Manufacturers has carved out a neat nook for itself.

White Star’s earlier investments from its first DAF in 2020 embody Stacks-based DeFi protocol ALEX and decentralized alternate (DEX) ParaSwap, amongst others.

It additionally helped again the Bitcoin Odyssey onSunday, an initiative for funding corporations to speculate $165 million in options designed to drive Bitcoin (BTC) adoption.

Metaverse and NFT gaming investments are on the rise early this week as merchants search for distractions from damaging worth motion within the crypto markets. Bitcoin is down 5.62% over the previous 24 hours, buying and selling at slightly below $40,000.

On Monday, Fortnite creator Epic Video games introduced it had raised $2 billion from Sony Group Company and LEGO Group holding firm KIRKBI. Traders had been intrigued by Epic’s new dedication to growing digital video games for the Metaverse.

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Animoca Manufacturers lately introduced it had acquired racing recreation writer Eden Video games for $15.3 million as a way to bolster its REVV Motorsport NFT recreation ecosystem and construct out extra metaverse video games.