Tech venture capital firm White Star Capital has secured $120 million in funding for its second Digital Asset Fund (DAF II) to invest in early-stage cryptonets, blockchain and Web3 businesses.

The fund is primarily backed by gaming publishing giant Ubisoft and will particularly focus on decentralized finance (DeFi) and gaming. It will invest up to $7 million in each of 20 to 25 companies in North America, Europe and Asia.

The company’s increased focus on DeFi, Web3 and blockchain-based technology suggests that it will also start supporting companies that use or develop metaverse solutions. This would bring it into the space that Animoca Brands has carved out a neat corner for itself.

White Star’s previous investments since its first CFO in 2020 to understand DeFi protocol based on ALEX stacks and decentralized exchange (DEX) ParaSwap, among others.

He also helped support Bitcoin Odyssey onSunday, an initiative allowing investment firms to invest $165 million in solutions designed to drive Bitcoin (BTC) adoption.

Investments in Metaverse and NFT games are on the rise early this week as traders seek distractions from negative price action in the crypto markets. Bitcoin is down 5.62% in the past 24 hours, trading at just under $40,000.

On Monday, Fortnite creator Epic Games announced that it had raised $2 billion from Sony Group Corporation and the LEGO Group’s holding company KIRKBI. Investors have been intrigued by Epic’s new commitment to developing virtual games for the Metaverse.

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Animoca Brands recently announced that it has acquired racing game publisher Eden Games for $15.3 million to bolster its REVV Motorsport NFT game ecosystem and create more metaverse games.