WebN Group, the blockchain incubator backed by billionaire Alan Howard, is shutting down after supporting several digital asset startups. The closure follows investments in firms like KAIO and Twinstake, and comes amid challenges in the crypto sector. A source close to the matter described the mission as successfully completed.
WebN Group, a blockchain and Web3 incubator founded with backing from billionaire Alan Howard, has ceased operations after several years of seeding digital infrastructure startups. The firm supported innovative companies including tokenization specialist Libre, now known as KAIO; crypto staking platform Twinstake; blockchain infrastructure provider TruFin; and zero-knowledge proofs developer Geometry.
In 2023, WebN received an undisclosed investment from Laser Digital, the crypto arm of Japanese bank Nomura. According to a person familiar with the matter, the incubator has "successfully completed its mission." Some staff from WebN have transitioned to Brevan Howard, the hedge fund established by Howard.
The shutdown does not signal a retreat from digital assets for Howard or his firm. The source emphasized that "those who know Alan know that he has long been convinced that blockchain technology would be used in traditional markets." Brevan Howard remains optimistic about crypto despite recent hurdles.
The past year has been tough for crypto-related investments. Brevan Howard's digital asset fund recorded a loss of nearly 30% in 2025, after gains of 52% in 2024 and 43% in 2023, as reported by the Financial Times. The firm reduced its exposure to bitcoin exchange-traded funds, slashing holdings in BlackRock’s iShares Bitcoin Trust by about 85%, per data from Bloomberg and CF Benchmarks.
Additionally, 2025 saw the exit of BH Digital CEO Gautam Sharma, who managed crypto investments, and the spin-out of Nova, a hedge fund led by former Dragonfly investor Kevin Hu, acquired by Brevan Howard in 2023.
The source noted, “Brevan Howard isn’t scared off by temporary volatility, remains bullish on digital assets and has a huge VC business focused on the broad opportunity set.” Neither WebN Group nor Brevan Howard responded to requests for comment.
