CMCC Global Raises $100 Million to Boost Asian Blockchain Startups via Titan Fund
Summary:
Hong Kong-based venture capital firm CMCC Global has successfully raised $100 million for its Titan Fund to support Asian blockchain startups. The fund will focus on blockchain infrastructure, consumer applications such as gaming and NFTs, and finance services including lending platforms, exchanges, and wallets. This is CMCC Global's fourth fund targeting early-stage blockchain startups, with a particular emphasis on those in Hong Kong.
CMCC Global, a venture capital company grounded in Hong Kong with a focus on cryptocurrency, has successfully generated $100 million earmarked for aiding Asian blockchain startups. The Titan Fund, their cryptocurrency initiative, wrapped up its initial funding cycle on October 4th, drawing 30 investors that included firms like Block.one, Winklevoss Capital, Jebsen Capital as well as tycoons like Richard Li of Pacific Century Group and Yat Siu, who founded Animoca Brands. This was reported by the South China Morning Post.
The Titan Fund will strategically invest assets into three core sectors: blockchain infrastructure, consumer-oriented applications such as gaming and non-fungible tokens (NFTs), as well as financial services that include lending and borrowing platforms, exchanges, and wallets.
This will mark CMCC Global's fourth crypto fund geared towards investing into early-phase blockchain startups, focusing especially on those based in Hong Kong. The fund has already finalised five investments, out of which two were invested into startups in Hong Kong.
One of the Hong Kong startups it invested in was Mocaverse, an Animoca Brands launched NFT project that raised $20 million in September. The second was Terminal 3, a Hong Kong-based Web3 data infrastructure startup that was part of the Titan fund's pre-seed funding round in August.
The major collection of $100 million comes during a time when the crypto sector is experiencing a decline of funding related to the bear market and the collapse of FTX. Based on data from Pitchbook, the overall value of worldwide venture capital investment into crypto firms fell by 70.9% annually while the number of deals dropped by 55%. This is sharply contrasting to when the market was bullish and startups in crypto raised millions every other month.
Notably, the launch of the crypto VC fund in Hong Kong underlines the growing prominence of the city as a secure crypto hub. Yen Shiau Sin, Titan Fund’s managing director disclosed that due to the ongoing crackdown in the U.S., Asian firms are at an advantage as they’re attracting more projects.
Last October, the government of Hong Kong altered its crypto strategy, clarifying that the emphasis would now be on creating regulatory frameworks to foster Web3 development. There were also steps taken to create a favorable regulatory environment for crypto exchanges and accommodating retail customers as part of this policy shift.
The last lines of this news piece are invald as per your given instructions.
Published At
10/5/2023 8:13:15 AM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.