Billionaire Alan Howard's crypto incubator WebN announces it will soon shut down

The blockchain and Web3 incubator WebN Group, backed by billionaire Alan Howard, has announced its closure, according to insiders who say the organization has successfully completed its mission. In recent years, WebN has incubated several digital infrastructure startups, including the tokenization specialist KAIO (formerly Libre), the crypto staking platform Twinstake, the blockchain infrastructure company TruFin, and the zero-knowledge proof startup Geometry. In 2023, Laser Digital, a crypto collaboration institution under Japan's Nomura Bank, invested in WebN.

Insiders indicate that WebN's closure is unrelated to Howard's own digital asset strategy, with some employees having transitioned to Howard's hedge fund Brevan Howard. Despite BH Digital's digital asset fund losing nearly 30% last year, Brevan Howard remains optimistic about digital assets, and its venture capital business continues to focus on the broad opportunities in this field.