Major Funding Announcement

White Star Capital has made headlines by securing a hefty $120 million for its second Digital Asset Fund, known as DAF II. This notable funding boosts the firm’s aim to channel investments into the booming worlds of cryptocurrency networks and early-stage blockchain and Web3 enterprises.

Backing from Industry Giants

Getting support from game publishing powerhouse Ubisoft, the fund will zero in on decentralized finance (DeFi) and gaming. White Star aims to invest as much as $7 million in each of approximately 20 to 25 companies across North America, Europe, and Asia. This infusion of capital demonstrates a strong commitment to curating a portfolio that aligns with future tech advancements.

Expanding Horizons: Metaverse in Sight

White Star’s increasing emphasis on DeFi and blockchain tech suggests they are gearing up to support companies tapping into metaverse opportunities. This strategic focus is set to place them on a competitive landscape alongside industry players like Animoca Brands, who has established a dominant position in this sector.

Looking Back: Previous Ventures

Before this latest funding round, White Star’s first Digital Asset Fund launched in 2020 had already made its mark with investments in notable projects like the Stacks-based DeFi protocol ALEX and decentralized exchange (DEX) ParaSwap. These moves have showcased White Star’s knack for identifying promising projects before they become household names.

Catching the Waves: Market Trends

As of now, the metaverse and NFT gaming sectors are witnessing a positive trend, providing a refreshing escape from the recent bearish sentiment in the crypto markets. Bitcoin recently saw a decline of 5.62% and hovers around the $40,000 mark. Investors are increasingly intrigued by ventures that are developing virtual environments, as observed with Epic Games’ recent $2 billion raise from Sony and LEGO’s KIRKBI, aimed at enhancing the Metaverse gaming experience.

New Moves in the Gaming Realm

Additionally, in a significant acquisition, Animoca Brands has snagged racing game publisher Eden Games for $15.3 million. This strategic move is aimed at strengthening its REVV Motorsport NFT ecosystem and expanding its range of metaverse games. It appears the race for dominance in the digital asset landscape is heating up!