XAnge's €80 Million Web3 Fundraise Grinds to a Halt

IconCryptoNewsTerminal Staff01 Aug, 2024

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XAnge's €80 Million Web3 Fundraise Grinds to a Halt

XAnge, a European venture capital firm, has reportedly abandoned plans to raise €80 million ($89 million) for its Web3 investment fund. Multiple sources cited by BeBeez, an Italian financial news outlet, revealed that the firm had made the decision after facing difficulties in attracting investors. In 2022, XAnge announced the launch of the "Digital Ownership Fund." However, the sources claimed that the market's recent downturn has made investors hesitant to allocate funds to digital assets. This reluctance has led to XAnge's decision to scrap the fundraise entirely. The abandoned Web3 fundraise is the latest indication of the growing skepticism surrounding digital assets. While the sector gained significant attention during the 2021 crypto bull market, the ongoing bear market has raised concerns about the long-term viability of many Web3 projects. Investors remain cautious in adding digital assets to their portfolios, particularly due to the high volatility and regulatory uncertainty surrounding the sector. XAnge's decision to halt its Web3 fundraise reflects this growing wariness and may signal a broader shift in sentiment towards the industry.

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