European venture capital firm XAnge has stopped raising funds for its first crypto venture capital fund

According to two people familiar with the matter, despite the signs of recovery in the Web3 market, European venture capital firm XAnge has quietly stopped raising funds for its first crypto venture capital fund. It is reported that in 2022, the VC announced that it was raising proceeds for its Digital Ownership Fund, a crypto-exclusive fund, with a size of 80 million euros. It also recruited Luc Jodet, co-founder of Arianee, a Paris-based Web3 luxury platform. However, due to the difficulty in obtaining enough backers to complete the initial fundraising, its CEO Cyril Bertrand said that it will no longer raise funds for this cryptocurrency special project fund.