Ubisoft-Backed White Star Capital Launches $120M Crypto Startup Fund

Ubisoft-Backed White Star Capital Launches $120M Crypto Startup Fund

The investment company has secured its Digital Asset Fund (DAF) which will be used to accelerate "early-stage" blockchain platforms.

Venture capital firms have been increasingly interested in blockchain-focused companies, with some investors even coming from outside the industry. The latest DAF raised by White Star Capital will be used to ramp up crypto startups that are mainly based on decentralized finance (DeFi) and blockchain gaming.

The seed round for White Star Capital’s initiative was backed by several corporations, including one of the top video game publishers Ubisoft who, previously, had its own plans for blockchain gaming and metaverse initiatives via NFTs.

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White Star Capital already has several blockchain startups already under its belt including ALEX, Ledn, Paraswap, Multis, Rally, Exlusible, and more. In fact, the CEO of Ledn Adams Reeds spoke on the investment company’s initiative, stating:

"Today's builders need the backing of investors who know what it takes to build tomorrow's next great digital asset company. White Star has established themselves as a top firm to help visionary founders scale. They have the team and the experience to be local champions while reaching global markets."

Selected startups will receive "between $1M and $7M in token and equity investments", with a focus on a "new generation of visionary founders building tomorrow’s greatest Web3, DeFi, and Gaming companies", according to the Managing Partner at White Star Capital Sep Alavi.

Back in March, Bain Capital Ventures launched one of the largest crypto funds, with a total of $560M raised to accelerate the growth of blockchain-based startups.

Dom Z. - Crypto Analyst

by Dom Z. - Crypto Analyst, BitDegree