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

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

The fund is primarily backed by recreation publishing large Ubisoft and can take a specific concentrate on decentralized finance (DeFi) and gaming. It will make investments as a lot as $7 million in every of 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’ll start to help firms that make the most of or develop Metaverse options as nicely. This would deliver it into the house wherein Animoca Brands has carved out a neat nook for itself.

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

It additionally helped again the Bitcoin Odyssey on March 10, an initiative for funding companies to take a position $165 million in options designed to drive Bitcoin adoption.

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

On April 11, Fortnite creator Epic Games introduced it had raised $2 billion from Sony Group Corporation and LEGO Group holding firm KIRKBI. Investors have been intrigued by Epic’s new dedication to creating digital video games for the Metaverse.

Related: Near Protocol eyes a Terra-like worth rally after new $350M funding elevate

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