Ubisoft Backs White Star Capital’s $120 Million Crypto Fund

Ubisoft Backs White Star Capitals 120 Million Crypto Fund

The French game developer has redoubled its cryptocurrency efforts by backing a digital asset fund in fundraising that could reach $120 million. The fund will focus on small and medium-sized crypto companies working on the mass adoption of digital assets.

Ubisoft leads a cryptocentric investment

Ubisoft, the video game studio that has created worldwide famous games such as Assassin’s CreedFar cryfor honorled to a $60 million investment in White Start Capital’s new Digital Asset Fund.

In total, $120 million is expected to eventually be raised and controlled by White Star Capital, which has attracted institutional investors and high net worth individuals interested in financing the remaining $60 million.

White Star, a company focused on technology investment, has raised $50 million for crypto companies in 2020. The first Digital Asset Fund was also backed by Ubisoft, which sees its latest move as accelerating its footprint in blockchain gaming. Currently, White Star has over $1 billion under 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 facilitate the mass adoption of cryptocurrencies.

The company’s crypto investments include both stocks and tokens. The second fund, valued at approximately $60 million in total, will currently support 20-25 companies in North America, Europe and Asia, through capital commitments between $1 million and $7 million at a time.

Ubisoft Embraces Blockchain Technology

In late March, Ubisoft teamed up with blockchain gaming giant Animoca Brand, betting on the free-to-play game “Cross the Ages” in an investment round worth a total of $12 million.

Ubisoft has also shown sufficient interest in NFTs in the past. The company created Ubisoft Quartz, its NFT platform, as well as its technology lab to experiment with blockchain technology, as the first step towards creating the metaverse.

Featured image courtesy of France Inter

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