The tech venture capital firm White Star Capital has secured $120 million in funding for its second Digital Asset Fund (DAF II), which will invest in early-stage cryptocurrency networks, blockchain and Web3 technology companies.
The fund is primarily backed by gaming publishing giant Ubisoft and will have a particular focus on decentralized finance (DeFi) and gaming.. It will invest up to $7 million in each of 20-25 companies in North America, Europe and Asia.
The company’s increased focus on DeFi, Web3 and blockchain-based technology suggests it will also start supporting companies using or developing metaverse solutions.. This would take her into the space that Animoca Brands has carved out a niche for.
White Star’s previous investments since its first DAF in 2020 include stack-based DeFi protocol ALEX and decentralized exchange (DEX) ParaSwap.among others.
He also helped support the Bitcoin Odyssey onSunday, an initiative for investment firms to invest $165 million in solutions designed to drive bitcoin (BTC) adoption.
Metaverse and NFT gaming investments are on the upswing earlier this week as traders look for distractions from negative price action in crypto markets. The bitcoin price is down 5.62% in the last 24 hours, trading just below $40,000.
On Monday, Fortnite creator Epic Games announced it had raised $2 billion from Sony Group Corporation and the LEGO Group’s holding company, KIRKBI.. Investors were intrigued by Epic’s new bid to develop virtual games for the Metaverse.
Animoca Brands recently announced that it had acquired racing game company Eden Games for $15.3 million. in order to strengthen its REVV Motorsport NFT gaming ecosystem and build more metaverse games.
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