US-based investment firm White Star Capital has hit the final close of a $50m fund focused on blockchain technology and cryptocurrencies with commitments from video game developer Ubisoft.
French state-owned investment bank Bpifrance is also a limited partner in the Digital Asset Fund, which was initially targeting $30m.
White Star Capital plans to make initial investments of between $500,000 and $3m per deal in 15 to 20 companies primarily located in North America and Europe. It will invest in pre-seed, seed and series A rounds.
The firm is looking at various segments of the digital asset space including cryptocurrency protocols, blockchain infrastructure, financial services and gaming.
The fund will be overseen by Sep Alavi, general partner at White Star Capital, with support from principals Thomas Klocanas and Sanjay Zimmerman.
The VC firm has already tapped the fund to complete six investment so far including US-based crypto wallet provider Multis, US-based decentralised exchange aggregator Paraswap and Sweden-based crypto brokerage platform operator Safello.
Safello listed its shares on the Nasdaq First North stock exchange earlier this month.