WebN Group, the blockchain and Web3 incubator backed by billionaire Alan Howard, is closing its doors after seeding a clutch of digital infrastructure startups in recent years, according to a person familiar with the matter.
More recently, the venture studio backed tokenization specialist Libre (now called KAIO), cryptocurrency betting shop Twinstake, blockchain infrastructure company TruFin, and zero-knowledge proof startup Geometry.
In addition to Howard, WebN also received an undisclosed investment from Japanese bank Nomura’s crypto partnership, Laser Digital, back in 2023.
The incubator was described as having “successfully completed its mission,” the person said. Some staff who worked at WebN moved to work at Brevan Howard, the hedge fund Howard founded, they said.
The decision to close the WebN incubator has no bearing on Howard’s digital asset aspirations, the person close to the situation at WebN said.
“Those who know Alan know that he has long been convinced that blockchain technology will be used in traditional markets,” the person said.
The last 12 months have been difficult times for companies exposed to cryptocurrencies. Brevan Howard’s digital asset fund lost almost 30% last year, according to a Financial Times report. This follows gains of 52% in 2024 and 43% the year before.
Like many other hedge funds, Brevan Howard has trimmed its bitcoin ETF positions, reducing BlackRock’s iShares Bitcoin Trust holdings by about 85%, according to data from Bloomberg and CF Benchmarks.
2025 also saw the departure of BH Digital CEO Gautam Sharma, who had been overseeing cryptocurrency investments at the company for a few years. Brevan Howard also decided to spin off Nova, a hedge fund run by former Dragonfly investor Kevin Hu, who joined the company with his own money fund in 2023 as part of an acquisition.
“Brevan Howard is not afraid of temporary volatility, remains bullish on digital assets and has a huge venture capital business focused on the broad opportunity set,” the source said.
WebN Group did not respond to requests for comment. Brevan Howard declined to comment.
