Sunday, November 27, 2022

Ubisoft Backed White Star Capital And Its $120M Crypto Fund

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Ubisoft backed White Star Capital with a $120 million investment and bets on the future of crypto continuously as we can see more today in our latest cryptocurrency news today.

The French game developer doubled down on its crypto endeavors and backed a digital asset fund in fundraising which can hit $120 million and the fund will focus on smaller and medium-sized crypto companies that are working towards bigger adoption of crypto. Ubisoft backed White Star Capital and led a $60 million investment in the digital asset fund. Up to $120 million is expected to be raised and overseen by the White Star Capital which attracted many institutional investors and rich individuals that are interested in financing the rest of the money.

White Star is a company focused on tech investment and raised $50 million in 2020 dedicated to crypto companies. The first fund was backed by Ubisoft which considers its biggest move as enhancing its footprints in the blockchain gaming space and now White Star has over $1 billion under its management. The general partner of White Star, Sep Alavi, revealed that the new fund will focus on DeFi and gaming with a focus on companies that facilitate the mass adoption of crypto. The crypto investments include tokens and equities and the second fund with a total value of $60 million but now it will back 20-50 companies in Europe, North America, and Asia with a capital deployment of between $1 million and $7 million each time.

white star

Ubisoft teamed up with Animoca Brand and bet on the game “Cross the AGes” which ended in a seed round worth $12 million. Ubisoft demonstrated enough interest in NFTs and the company even created an NFT platform and a technology lab where it experiments with blockchain as the first step towards creating a metaverse.

As recently reported, Ubisoft’s Blockchain Technical Director said that the company will go on with the NFT plans despite the recent blowback. Ubisoft also announced a partnership with Aleph.im and provide decentralized storage for the Quartz NFT platform while the company is committed to using energy-efficient blockchains. Ubisoft gets involved in NFTs despite the backlash that it recieved, with no plans of abandoning these plans. Ubisoft launch an NFT platform Ubisoft Quartz earlier this month and started offering tokens for its Ghost Recon franchise.

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