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Friday, August 12, 2022

White Star Capital Raised A Fund Worth $120 Million

White Star Capital, a company of technology venture capital, seized huge funding of $120 million which will be used on its second Digital Asset Fund (DAF II) to go for investment in the networks of cryptocurrency, businesses of Web3, and blockchain in the initial stage. The mentioned fund is initially supported by Ubisoft, the giant game publisher and the fund will emphasis on DeFi. The investment will be $7 million each which will be distributed to 20-25 companies that are situated in Asia, Europe, and North America. 

White Star Will Use The $120 Million For Web3 Investment

The fact that White Star is supporting technology of blockchain, Web3, and DeFi, means that it will finally back firms that develop solutions for the metaverse. This will take them to the same place where Animoca is currently. The first investment of White Star from its DAF in the year 2020 consists of ALEX, the DeFi protocol based in Stacks, and DEX ParaSwap. 

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The investments are also associated with the Bitcoin Odyssey this Sunday which is an initiative that aids all the investment companies to give $165 million for solutions that are designed to increase the adoption of bitcoin. The investments in nonfungible and Metaverse gaming were increasing this week due to the fact that traders were looking for distractions from the price action which was negative in the markets of crypto. 

In the last 24 hours, the price of bitcoin has gone down to 5.62% and they are trading below the level of $40,000. Epic Games, the creator of Fortnite, made an announcement this Monday that they have raised a total amount of $2 billion from KIRKBI, the company of LEGO Group holding, and Sony Group Corporation. 

The majority of the investors were excited and surprised by seeing the new zeal and commitment of Epic to the development of virtual games for the Metaverse.

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