TechFlow reports, according to Sifted, that European venture capital firm XAnge has paused fundraising for its Web3 fund. The firm originally planned to raise 80 million euros for its Digital Ownership Fund, focused on seed and Series A investments in blockchain projects.
However, due to cautious attitudes from European limited partners (LPs) toward digital assets, the fund failed to attract sufficient support for an initial close.
Nonetheless, last year XAnge obtained authorization from French financial regulators to invest in crypto tokens through its generalist fund of 220 million euros raised in 2022.
XAnge CEO Cyril Bertrand confirmed the firm will no longer pursue fundraising for a dedicated crypto fund, but team member Luc Jodet will continue investing in crypto companies via the generalist fund.
