White Star Capital’s funding effort for its $120 million crypto fund was led by the game development company Ubisoft.
Ubisoft Support Draws In Investors
Ubisoft is strengthening its presence in the crypto space by investing heavily. It has recently invested primarily in a digital assets fund by White Star Capital, intending to raise around $120 million to support small and medium-sized companies working to achieve mainstream crypto adoption. The gaming company, which has created popular games like Assassin’s Creed, Far Cry, and more, led the funding round by contributing $60 million to the Digital Asset Fund. The investment from Ubisoft has attracted other institutional investors and entrepreneurs to finance the remaining half of the fund.
White Star’s Digital Assets Funds
White Star Capital is a technology investment company. Highlighting the role of its Digital Asset Fund, the company’s website states,
“The Digital Asset Fund is our dedicated strategy for investing in crypto networks and blockchain-enabled companies at each layer of the tech stack. Our team takes a deeply research-driven approach and applies both a crypto native and traditional VC lens to the sector, to partner with global founders across Seed, Series A, and token rounds.”
Ubisoft had also contributed to the company’s first Digital Asset Fund, where it raised $50 million back in 2020 to support crypto startups like Ledn, Alex, Multis, Paraswap, Exlusible, and Rally. The latest funding from Ubisoft puts the total capital under White Star’s management at just over $1 million. The second Digital Asset Fund will continue its efforts to bring crypto adoption to the mainstream, with a special focus on DeFi and blockchain gaming.
Ubisoft Ventures Into Blockchain Gaming
As such, videogame giant Ubisoft is an ideal partner since it is keen on exploring the role of blockchain technology in gaming. The company’s CFO, Frederick Duguet had previously stated,
“[Blockchain] will enable more play-to-earn that will enable more players to actually earn content, own content, and we think it’s going to grow the industry quite a lot. We’ve been working with lots of small companies going on blockchain, and we’re starting to have a good know-how on how it can impact the industry, and we want to be one of the key players here.”
Ubisoft has already embarked on this path by investing heavily in Animoca Brands, which is the parent company behind The Sandbox game and metaverse. Continuing its blockchain ventures, in December 2021, Ubisoft also launched its first-ever NFT collection, Digits, which sold out within just half an hour. The company has also invested heavily in DOGAMÍ for the Petaverse and partnered with The HBAR Foundation to support the Hedera network.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
