July 21, 2024
CMCC Global's $100M Titan Fund fueling Asia's blockchain scene
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Hong Kong’s CMCC Global Launches Titan Fund with $100 Million for Blockchain Ventures

Hong Kong-based cryptocurrency-focused venture capital firm CMCC Global has successfully raised $100 million to provide support to blockchain startups in Asia. The newly established crypto fund, named Titan Fund, concluded its first funding round on October 4th, securing investments from 30 backers, including notable players such as blockchain company Block.one, Hong Kong tycoon Richard Li’s Pacific Century Group, Winklevoss Capital, Jebsen Capital, and Animoca Brands founder Yat Siu.

Titan Fund is set to focus its investments on several key areas, including blockchain infrastructure, consumer-oriented applications like gaming and nonfungible tokens (NFTs), as well as financial services such as exchanges, wallets, and lending and borrowing platforms.

This venture marks CMCC Global’s fourth crypto fund designed to offer equity investments to early-stage blockchain startups, with a specific emphasis on those based in Hong Kong. The fund has already conducted five investment rounds, with two of them directed toward startups in Hong Kong.

Among the two Hong Kong startups supported by the fund are Mocaverse, an NFT project initiated by Hong Kong blockchain firm Animoca Brands in December 2022, which managed to raise $20 million in September. The second is Terminal 3, a Web3 data infrastructure startup.

The launch of this $100 million crypto venture fund is particularly significant in light of the recent decline in crypto funding during the bear market and following the FTX collapse. According to Pitchbook data, global venture capital investments in crypto firms witnessed a year-on-year decline of 70.9% in value, along with a 55% decrease in the number of deals. This downturn stands in stark contrast to the bullish period when crypto-based startups were able to secure billions in funding and the crypto industry saw a new unicorn emerge almost every month.

The launch of the crypto VC fund in Hong Kong also underscores the city’s increasing prominence as a safe haven for crypto activities. Yen Shiau Sin, the Managing Director of Titan Fund, noted that the crackdown on crypto in the United States has led Asian firms to benefit from the situation, as more projects are considering relocating to Hong Kong for discussions and collaborations.

In October 2022, Hong Kong signaled a shift in its crypto policy, with the government expressing its intent to develop regulations that support Web3 technologies. Regulators doubled down on this policy shift by formulating pro-crypto regulations, paving the way for regulated crypto exchanges and expanding services to retail customers.

Image by freepik

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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