Ubisoft Backs White Star Capital’s $120M Crypto Fund
The French game developer has doubled down on its cryptocurrency endeavors by backing a digital assets fund in fundraising that could go up to $120 Million. The fund will focus on small and medium-size crypto companies working towards the mass adoption of digital assets.
Ubisoft Leads a Crypto-Centric Investment
Ubisoft, the video game studio that created globally renowned games like Assassin’s Creed, Far Cry, For Honor, has led a $60 Million investment in White Start Capital’s new Digital Asset Fund.
A total of $120 Million is expected to be eventually raised and overseen by White Star Capital, which has attracted institutional investors and wealthy individuals interested in financing the remaining $60 million.
White Star, a firm focused on tech investment, raised $50 Million in 2020 dedicated to crypto companies. Its first Digital Asset Fund was also backed by Ubisoft, which considers its latest move as accelerating its footprints in blockchain gaming. Currently, White Star has over $1 billion under its management.
Sep Alavi, White Star’s general partner, revealed that the second Digital Asset Fund will focus on DeFi and gaming, with a focus on companies that are facilitating the mass adoption of cryptocurrencies.
The company’s crypto investments include both equity and tokens. The second fund, with a total value of roughly $60 Million, for now, will back 20-25 companies across North America, Europe, and Asia, through capital deployment between $1 million and $7 million each time.
Ubisoft Embraces Blockchain Technology
In late March, Ubisoft teamed up with the blockchain games giant Animoca Brand, betting on the free-to-play game “Cross the Ages” in a seed investment round worth in total of $12 million.
Ubisoft has also demonstrated sufficient interest in NFTs in the past. The company created Ubisoft Quartz, its NFT platform, as well as its technology lab for experimenting with blockchain technology, as its first step towards creating the metaverse.
Featured Image Courtesy of France Inter
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Text source: CryptoPotato
