ChainCatcher reports that WebN Group, a blockchain and Web3 incubator backed by billionaire Alan Howard, has announced its closure. According to sources, the organization has successfully completed its mission. WebN incubated several digital infrastructure startups in recent years, including tokenization specialist KAIO (formerly Libre), crypto staking platform Twinstake, blockchain infrastructure company TruFin, and zero-knowledge proof startup Geometry. In 2023, Laser Digital, a crypto partnership arm of Nomura Bank, invested in WebN.
Sources familiar with the matter said the WebN shutdown was unrelated to Howard's personal digital asset strategy, and some employees have moved to Brevan Howard's hedge fund. Despite the BH Digital digital asset fund losing nearly 30% last year, Brevan Howard remains optimistic about digital assets, and his venture capital business continues to focus on the broad opportunities in the field.
