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Ubisoft and Tencent form new subsidiary, Vantage Studios, to lead development for the Assassin’s Creed, Far Cry, Rainbow Six franchises
Game Updates

Ubisoft and Tencent form new subsidiary, Vantage Studios, to lead development for the Assassin’s Creed, Far Cry, Rainbow Six franchises

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The breakout game development business co-owned by Tencent and Ubisoft finally has a name: Vantage Studios. Eurogamer understands from a source that it’s starting operations today, and will be responsible for new games across many of Ubisoft’s biggest IPs, such as Far Cry, Rainbow Six Siege, and Assassin’s Creed.

Vantage Studios is composed of 2,300 employees across multiple Ubisoft game development teams, including those from Montreal Quebec, Sherbrooke, Saguenay, Sofia, and Barcelona. The studio will be run by the duo of Christophe Derennes and Charlie Guillemot.

Vantage Studios operate under a less centralised model compared to Ubisoft proper, with each development team having more ownership over its own respective project. This in theory would allow developers to be more fluid, and pivot according to industry changes and player expectations, per Eurogamer sources.

Check out Eurogamer’s video review of Assassin’s Creed Shadows here.Watch on YouTube

The formation of Vantage Studios comes as the climax of a tumultuous period for Ubisoft, which reportedly was considering this new venture with Tencent in January of this year following years of lacking performance. This new venture, which would bring many of Ubisoft’s biggest IPs under a new roof, was officially announced in March with Tencent taking a €1.16bn stake in the new business entity.

As for Tencent’s involvement, the Chinese company will have a 25 percent stake in Vantage Studios, and will act in an advisory role to the subsidiary’s leadership team. However, Guillemot and Derennes will retain control over both creative and business decisions. Ubisoft hopes this will allow its teams to have a better degree of creative freedom, per a source familiar with the subject.

How other studios, most notably Massive Entertainment, will operate going forward currently remains unlear. Eurogamer understands the publisher wants its devs to operate in a more decentralised way, with developers taking more ownership of the titles they’re working on – the company employs approximately 20,000 staff at the time of writing (per its site), and how the other ~17,000 staff will fit into this new vision remains to be seen.



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Ubisoft's Tencent-backed subsidiary now has a name: Vantage Studios
Esports

Ubisoft’s Tencent-backed subsidiary now has a name: Vantage Studios

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Back in March, Ubisoft announced it would be creating a Tencent-backed subsidiary focused on its biggest franchises: Assassin’s Creed, Far Cry, and Rainbow Six. Today, on its first day of operation, the name of that subsidiary has been revealed: Vantage Studios.

GamesIndustry.biz understands that the division was initially codenamed Nova, and the name Vantage Studios was chosen through an employee vote.

Vantage Studios will include Ubisoft’s offices in Montréal, Quebec, Sherbrooke, Saguenay, Barcelona, and Sofia, with the group totalling 2,300 employees.

The new division reflects Ubisoft’s previously stated intention to reorganise into “creative houses,” shifting towards a less-centralised operating model. The idea is for these creative houses to have more control over their business plans and creative direction.

As the first such creative house, Vantage Studios will be able to set the direction for Assassin’s Creed, Far Cry, and Rainbow Six, although it will remain part of the overall Ubisoft group.

Tencent has a 25% stake in Vantage Studios – part of a €1.16 billion ($1.25 billion) cash injection from the Chinese company. Once the deal with Tencent is completed, GamesIndustry.biz understands that Ubisoft will be brought back to close to zero debt.

Tencent will act in an advisory capacity to Vantage Studios, but the final say on all of the subsidiary’s decisions will rest with its co-CEOs, Christophe Derennes and Charlie Guillemot.



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Metaplanet Sets Up US Subsidiary To Strengthen Bitcoin Income Business
Crypto Trends

Metaplanet Sets Up US Subsidiary To Strengthen Bitcoin Income Business

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Japanese investment firm Metaplanet today announced that it has set up new subsidiaries in the US and Japan to expand its Bitcoin (BTC) income generation business. In addition, the company also bagged the domain Bitcoin.jp – an indication that it will continue to spearhead BTC adoption in Asia.

Metaplanet Unveils Subsidiaries To Expand Bitcoin Business

In an announcement made earlier today, Tokyo-listed Metaplanet stated it had established a new wholly-owned subsidiary in the US called Metaplanet Income Corp. to expand its BTC income business.

It should be noted that Metaplanet recently concluded a massive $1.4 billion capital raise. The firm’s US subsidiary will provide Metaplanet the opportunity to pursue derivatives operations and related activities that produce cash flow and revenue.

Source: Metaplanet

The establishment of Metaplanet Income Corp. will help the firm have a clear separation between the Bitcoin income generation business, and its core BTC treasury operations. This will help the company enhance transparency, governance, and risk management. 

Besides Metaplanet Income Corp, the firm has also established a Japan subsidiary called Bitcoin Japan Inc. Metaplanet CEO, Simon Gerovich, commented on the development, saying:

This business has become our engine of growth, generating consistent revenue and net income. We are cash flow positive, producing significant internal cash flow to support future initiatives.

Bitcoin Japan Inc., will primarily look after an array of BTC-based media such as conferences and online platforms, the Bitcoin.jp domain, and Bitcoin Magazine Japan. Notably, the domain was purchased from a private investor who had held it for over a decade.

Gerovich also commented on Metaplanet’s recent $1.4 billion capital raise, stating that almost 100 investors had joined the roadshow, with more than 70 of them ultimately investing. These investors include sovereign wealth funds, hedge funds, and other similar financial entities.

Metaplanet’s long-term ambition remains to be the second-largest holder of BTC, behind Michael Saylor-led Strategy. According to data from Coingecko, Metaplanet currently holds 20,136 BTC on its balance sheet.

Source: Coingecko

In comparison, Strategy holds 638,935 BTC, and continues to extend its lead. However, to rank second, Metaplanet only needs to overtake MARA Holdings, which currently holds 52,477 BTC in its reserves.

Is BTC About To Fall?

Corporate adoption of Bitcoin continues to reach new heights, with a recent report noting that the total value of BTC treasury holdings recently surpassed $113 billion. Just a week ago, Metaplanet added to its BTC reserves.

That said, BTC whales recently dumped 115,000 – the largest distribution since 2022 – hinting that institutional demand for the digital asset may be temporarily waning. At press time, BTC trades at $115,670, down 0.7% in the past 24 hours.

Bitcoin trades at $115,670 on the daily chart | Source: BTCUSDT on TradingView.com

Featured image from Unsplash.com, charts from Coingecko, Metaplanet, and TradingView.com

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.



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NFT Gaming

Why Digital Currency Group Is Suing Its Own Subsidiary Over $1.1 Billion Loan

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In brief

  • Digital Currency Group has sued its subsidiary Genesis, the now-shuttered crypto lender.
  • The crypto giant claims that a $1.1 billion loan it made to Genesis was more than enough to cover its losses following its 2022 collapse—and that the firm has actually profited.
  • The latest lawsuit comes after Genesis in May sued Digital Currency Group for $3.1 billion.

Digital Currency Group has sued its subsidiary Genesis, claiming that the collapsed crypto lender has actually profited in the long-term following its collapse and subsequent bailout. 

In a lawsuit filed Thursday, DCG said that the $1.1 billion loan it gave to Genesis in 2022 was ultimately more than enough to cover its losses.

Crypto lender Genesis went bankrupt in 2023 as it had lent money to collapsed crypto firm Three Arrows Capital and other firms during the bear market and “crypto contagion” that spread across the industry in 2022.



DCG stepped in with capital to help repay Genesis customers. But in Thursday’s lawsuit, DCG argued that due to a rise in the value of recovered collateral from Three Arrows Capital, its obligations under the promissory note have been reduced to zero. 

This, the lawsuit states, is because the assets from Three Arrows Capital were in Bitcoin and Grayscale Bitcoin Trust shares that have shot up in value since 2022. 

“Genesis ultimately suffered no loss from TAC’s default; rather Genesis has profited by hundreds of millions of dollars (which Genesis is entitled to keep),” the lawsuit said. 

It added: “Because of the significant appreciation in cryptocurrency values since the petition date, this has resulted in recoveries that exceed the dollar value of the creditors’ claims as of the petition date.”

Genesis was a crypto lender run by crypto behemoth DCG. It allowed users to earn cash on their crypto holdings by allowing them to be loaned out to others.

Genesis made billions of dollars in loans to beleaguered crypto firms like Three Arrows Capital and the FTX-linked Alameda Research, which were about to default on their debt due to market contagion stemming from the collapse of Terra. 

When mega digital asset brand FTX collapsed, Genesis announced to clients that it would pause withdrawals from its lending arm due to the “unprecedented market turmoil.”

“DCG took extraordinary efforts to voluntarily support Genesis in 2022, including by issuing a promissory note to Genesis to help close a potential book equity gap resulting from the collapse of Three Arrows Capital,” a DCG spokesperson told Decrypt on Friday. “We have consistently met our contractual obligations under that note, but believe those have now been fully satisfied. We are simply asking the Court to confirm that the valid and binding obligation was fully satisfied.”

Thursday’s lawsuit comes after Genesis in May sued DCG, alleging that its parent company and CEO Barry Silbert made fraudulent transfers from the lender as it was collapsing in 2022. It’s seeking $3.1 billion in damages. 

Editor’s note: This story was updated after publication to include a statement from DCG.

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