Hong Kong-based crypto-focused venture capital (VC) firm CMCC Global recently announced the successful raise of $100 million for its newly launched Titan Fund. The fund is primarily focused on supporting early-stage blockchain startups based in Asia, co-founder of CMCC Global, Martin Baumann, stated.
On October 4, the Titan Fund completed its first round with the participation of 30 investors. Notable contributors include Winklevoss Capital, Pacific Century Group, Block.one, Jebsen Capital, and Yat Siu- the esteemed founder of Animoca Brands.
The fund will concentrate on investments in key areas: consumer applications like gaming and non-fungible tokens (NFTs), blockchain infrastructure, and financial services, including wallets, exchanges, and platforms for borrowing and lending.
The crypto fund from CMCC Global will be the fourth to provide investments to the web3 startup with a focus on Hong Kong. The fund has already completed five investment rounds, two of which supported Hong Kong-based startups.
One of them is Mocaverse, an NFT project launched by Animoca Brands in December 2022, which successfully raised $20 million in September this year. Additionally, the Titan Fund invested in Terminal 3, a Web3 data infrastructure startup.
The $100 million cryptocurrency venture fund comes amid a drought of crypto funding during the bear market and since the failure of FTX. Data from Pitchbook reveals that global venture capital investments in crypto companies fell by 70.9% compared to the previous year.
Blockchain Firms Are Flocking To Hong Kong
In recent years, Hong Kong witnessed a notable decrease in crypto companies due to regulatory uncertainties and pandemic restrictions. However, the city made a significant move towards embracing the industry by introducing new regulations in October last year.
These regulations now enable licensed crypto exchanges to serve to retail traders. Baumann stated that if Hong Kong continues to adopt Web3 technology, more opportunities will emerge in 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.” “And we could be their first capital.”
Moreover, Yen Shiau Sin, Titan Fund’s managing partner, said the recent crypto crackdown in the US could benefit Asian firms. He mentioned that numerous projects are contemplating moving and collaborating with Asian companies.