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

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Ubisoft Backs White Star Capital’s $120M Crypto Fund
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The French game developer has doubled down on its cryptocurrency efforts by backing a digital asset fund that could raise as much as $120 million. The fund will focus on small and medium-sized crypto companies working towards mass adoption of digital assets.

Ubisoft leads the way in crypto-centric investing

Ubisoft, the video game studio behind world-renowned games such as Assassin’s Creed, Far Cry, For Honor and more, has led a $60 million investment in White Start Capital’s new digital asset fund.

It is expected to eventually raise $120 million and be overseen by White Star Capital, attracting institutional investors and wealthy individuals interested in raising the remaining $60 million.

Tech-focused firm White Star raised $50 million in 2020 specifically for crypto companies. Its first digital asset fund is also backed by Ubisoft, which sees its latest move as accelerating its footprint in the blockchain gaming space. Currently, White Star has more than $1 billion in assets under management.

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Sep Alavi, general partner at White Star, revealed that the second digital asset fund will focus on DeFi and gaming, with a focus on companies that promote the mass adoption of cryptocurrencies.

The firm’s crypto investments include equity and tokens. The second fund, currently valued at approximately $60 million in total, will support 20-25 companies in North America, Europe and Asia through capital deployments of $1 million to $7 million each.

Ubisoft embraces blockchain technology

In late March, Ubisoft partnered with blockchain gaming giant Animoca Brand to bet on the free-to-play game “Cross-Era” in a seed round worth a total of $12 million.

Ubisoft has also shown enough interest in NFTs in the past. The company created Ubisoft Quartz, its NFT platform, and a technology lab for experimenting with blockchain technology as a first step in creating Metaverse.

Featured Image Courtesy of France Inter

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