Hong Kong-based crypto venture capital firm, CMCC Global, has unveiled its fourth crypto fund, emphasizing equity investments in budding blockchain startups with a primary focus on Hong Kong. The venture capital initiative is financially supported by Hong Kong billionaire, Richard Li.
What Happened?
CMCC Global raised $100 million in a crypto fund named Titan Fund, to support Asian blockchain startups. The fund is entrusted to State Street as the fund administrator, and EY as auditor. Titan Fund closed its inaugural funding round on Oct. 4 after seeing participation from 30 investors, including blockchain company Block.one who is the fund's lead investor.
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The fund looks to focus on investments in areas like blockchain infrastructure, consumer applications like gaming and NFTs, and financial services.
The fund has started with five investment rounds, two of which are directed to Hong Kong-based startups – an NFT project, Mocaverse, and a Web3 data infrastructure startup named Terminal 3. Among international names, the fund also invested in the San Francisco-based Y-combinator team and NFT-focused e-commerce platform KickzMeta and its affiliated project, Mooncourt.
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Why Does It Matter?
Titan Fund Managing Director Yen Shiau Sin said that the VC fund launch in Hong Kong highlights the city’s safe crypto status and infrastructure, as reported by Cointelegraph. The recent concerns surrounding the U.S. crypto industry and regulations will benefit Asian companies as projects look for opportunities elsewhere.
Hong Kong in October 2022 indicated that the government would help to build a legislative framework to encourage Web3 and institute pro-crypto rules for ensuring the smooth functioning of regulated crypto exchanges.
Pitchbook data indicates the value of global venture capital investments in crypto firms in Q2 dropped by 70.9% Y/Y while the number of deals narrowed by 54.5%.
Read Also: Sony Looks East For Blockchain Development, Forms Joint Venture With Startale Labs
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