An announcement on April 11th by White Star Capital revealed that Ubisoft, one of the largest gaming companies globally, just became its anchor investor.
Reports say that the company committed approximately $60 million to White Star Capital’s new Digital Asset Fund, which is its second crypto-related fund.
Ubisoft’s commitment is about half of what White Star originally expected to see in the new fund.
Other investors include wealthy individuals, family offices, and more, who are still contributing to the fund in order to achieve the “second close,” after Ubisoft’s investment achieved the first close on its own.
Ubisoft’s Interest in Blockchain Technology
White Star is a tech investment company that has been around since 2014. In 2020, it launched its original Digital Asset Fund, and at the time, the fund was only $50 million.
The idea was to invest in various cryptocurrency companies, which led to the firm backing around 20 startups.
Ubisoft invested in that fund as well, but this time, the gaming firm’s investment confirms its plans to speed up its blockchain-based gaming initiative.
To further these goals, Ubisoft also teamed up with Animoca Brand in March. Animoca Brand is a blockchain gaming giant, and Ubisoft’s partnership with the company shows the gaming giant’s support of the free-to-play game Cross the Ages.
Ubisoft is well-known for some massive franchises. Titles such as Assassin’s Creed and Far Cry have proven extremely popular in the gaming sector for over a decade and a half.
However, partnerships and investments are not the only steps Ubisoft has taken that signal its growing interest in blockchain technology.
The company also created Ubisoft Quartz—its own NFT platform—and a technology lab for experimenting with the blockchain. Given its growing interest toward DeFi, metaverse, NFTs, and Web3, Ubisoft will likely continue to support companies such as Animoca Brand and White Star Capital.
Ubisoft Pushes Crypto Adoption through Blockchain Startup Investments
Commenting on Ubisoft’s new investment into White Star’s crypto fund, White Star general partner, Sep Alavi, said that Ubisoft is keeping a close eye on the crypto space. The fund fits in perfectly given Ubisoft’s intentions to support blockchain startups, as it will target crypto companies that are directing the industry toward mass adoption of cryptocurrency technologies. The focus will be on DeFi and gaming.
Most crypto games feature DeFi functionalities and depend strongly on NFTs, which serve as a way to truly own in-game items. As a result, blockchain gaming united all three major trends that emerged in the crypto industry over the last 2 years —DeFi, NFTs, and now the metaverse.
Ubisoft’s track record of investing in crypto and blockchain technology means more widespread adoption worldwide, and it signals a vast range of potential developments for gamers and the rest of the world alike.
Ubisoft isn’t the only company investing heavily into crypto and the metaverse. There’s a whole range of food and beverage companies that are already staking their digital claims. Yes, we can have booze in the metaverse.
Cryptocurrency continues to expand its reach. Read about how over 170 service stations in South Australia will soon accept payment in crypto.