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White Star Capital raises $120 million for the Web3 investment fund, which is sponsored by Ubisoft

White Star Capital, a tech venture capital firm, has raised $120 million for its second Digital Asset Fund (DAF II), which will invest in crypto networks as well as early-stage blockchain and Web3 enterprises.

The fund is principally backed by Ubisoft, the video game publisher, and will focus on decentralized finance (DeFi) and gaming. It plans to invest up to $7 million in each of 20-25 businesses across North America, Europe, and Asia.

With the company’s increased focus on DeFi, Web3, and blockchain-based technology, it’s likely that it’ll start to help enterprises that use or develop Metaverse solutions.

This would place it in the space where Animoca Brands has carved out a nice little niche for itself.

Stacks-based DeFi protocol ALEX, as well as decentralized exchange (DEX) Paraswap. Of course, are among White Star’s earlier investments since its first DAF in 2020.

On March 10, it also contributed to the Bitcoin Odyssey, an effort in which investment firms. Of course, will invest $165 million in solutions aimed at increasing Bitcoin acceptance.

Early this week, Metaverse and NFT gaming investments are on the rise as traders seek diversification from the crypto markets’ negative price behavior. Bitcoin (BTC) is currently selling at slightly under $40,000, down 5.62 percent in the last 24 hours.

Epic Games, the creator of Fortnite, revealed on April 11 that it had raised $2 billion from Sony Group Corporation and KIRKBI. Which is, the holding company of the LEGO Group. Epic’s new commitment to producing virtual games for the Metaverse piqued the interest of investors.

Animoca recently announced the acquisition of Eden Titles, a racing game publisher. That’s, for $15.3 million in order to expand its REVV Motorsport NFT gaming ecosystem and create new Metaverse games.

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