CMCC Global, a venture capital firm specializing in crypto and blockchain projects, recently announced the successful raise of US$100 million for its newly launched Titan Fund. This fund is primarily focused on supporting early-stage Web3 start-ups based in Asia, especially in Hong Kong.
The initial round of funding was successfully completed on Wednesday, attracting over 30 investors who joined the initiative. Notable contributors include Block.one, Pacific Century Group, Winklevoss Capital, Jebsen Capital, and Yat Siu- the esteemed founder of Animoca Brands.
Titan Fund to Support Hong Kong’s Fintech Innovation
Martin Baumann, co-founder of CMCC Global, revealed that the Titan Fund will specialize in equity investments solely in early-stage blockchain start-ups. The fund’s primary focus will be on companies based in Hong Kong, where CMCC Global was established back in 2016.
Read also: Hong Kong’s top VC firm approaches billionaires for $300 million Crypto funding
Baumann expressed a strong connection to the city and highlighted its immense potential for fintech innovation. Notably, among the fund’s initial five investments, two were directed towards Hong Kong-based ventures.
One of them is Mocaverse, an intriguing non-fungible token (NFT) project launched by Animoca Brands, which successfully raised US$20 million in September. Additionally, Terminal 3 received pre-seed funding as it embarks on its journey as a Web3 data infrastructure start-up.
Read Also: Animoca Brands Targets $1 Billion Raise for Its New Web3 and Metaverse Fund
Baumann emphasized that while there is no specific mandate regarding capital allocation to Hong Kong companies, the fund aims to invest in top-tier entrepreneurs from all over the globe.
He further mentioned that if Hong Kong continues to embrace Web3 techniques like Blockchain, more opportunities for fintech innovation are expected to arise within the city.
““If Hong Kong continues on its route of embracing Web3, there will naturally be more and more entrepreneurs starting companies in that space, and we can be their first capital,” Baumann said.
Hong Kong’s Crypto Push Attracts More Firms
In recent years, Hong Kong has experienced a significant decline in crypto firms as they grapple with regulatory uncertainties and pandemic restrictions. However, the city took a noteworthy step towards welcoming the industry by implementing new rules in October last year.
These rules now allow licensed crypto exchanges to cater to retail traders. Although the collapse of the allegedly fraudulent exchange JPEX has shaken retail investors’ confidence in virtual assets, crypto firms operating within Hong Kong remain optimistic about their long-term prospects.
“Ever since Hong Kong embraced this [sector], we see a steady increase [of] new companies aiming to settle down here and companies relocating to Hong Kong,” Baumann said.
Yen Shiau Sin, the managing partner of Titan Fund, expressed that the recent crackdown on cryptocurrency in the United States has resulted in potential benefits for Asian firms. According to him, several projects are considering relocating and engaging with Asian firms.
The focus areas of Titan Fund encompass blockchain infrastructure, consumer applications (such as gaming and NFTs), and financial services (including exchange, wallets, and lending platforms). However, it’s important to note that new exchanges do not receive primary attention from the fund due to current industry dynamics.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/cmcc-global-raises-100-million-for-crypto-fund/
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