Ubisoft, the French-based gaming giant that gave the world Assassin’s Creed and Far Cry , has invested in White Star Capital ‘s second Digital Asset Fund .
White Star Capital, which raised $50 million in the first installment of a similar fund in 2020, wants to use the new fund to support projects focused on the metaverse.
White Star hopes to raise $120 million for its DAF II, with Ubisoft as the lead investor, the New York-based company said in an announcement . According to the report, the second fund has so far raised $60 million from investors.
The Digital Asset Fund is a vehicle through which the White Star Capital team finds strategic investment opportunities in the cryptocurrency and blockchain sector. Using a “ research-driven approach ”, the team identifies which projects to invest in, including seed rounds and tokens.
White Star plans to invest between $1 million and $7 million in each project using the new fund. In total, the company expects to support 20 to 25 cryptocurrency startups spread across North America, Europe, and Asia. These will be in addition to the 20 companies supported so far, including ALEX, Exclusible, Haruko, Ledn, and Paraswap.