Billionaire Alan Howard’s crypto incubator WebN closes down

WebN Group, the blockchain and Web3 incubator funded by billionaire Alan Howard, is closing down after several years of seeding digital infrastructure startups. The venture studio had backed firms such as KAIO (formerly Libre), Twinstake, TruFin, and Geometry. WebN also received an investment from Nomura’s crypto partnership, Laser Digital, in 2023. A source familiar with the matter stated that the incubator had "successfully completed its mission," and some staff have moved to work at Howard's hedge fund, Brevan Howard. The closure does not affect Howard's broader digital asset aspirations, as he remains convinced of blockchain technology's future in traditional markets. This news comes amid a challenging period for crypto-exposed firms; Brevan Howard’s digital asset fund reportedly lost nearly 30% last year.

(Source：CoinDesk)