CMCC Global, a Hong Kong-based crypto-focused venture capital firm, has raised $100 million for its Titan Fund to support Asian blockchain startups. The fund will focus on investments in blockchain infrastructure, consumer applications (gaming and NFTs), and financial services (exchanges, wallets, lending, and borrowing platforms). Titan Fund has already made five investments in different blockchain startups, with two going toward Hong Kong-based projects.
Hong Kong-Based CMCC Global Raises $100M for Titan Fund to Support Asian Blockchain Startups
CMCC Global, a Hong Kong-based crypto-focused venture capital firm, has raised $100 million for its Titan Fund to support Asian blockchain startups. The fund will focus on investments in blockchain infrastructure, consumer applications (gaming and NFTs), and financial services (exchanges, wallets, lending, and borrowing platforms). Titan Fund has already made five investments in different blockchain startups, with two going toward Hong Kong-based projects.
The Titan Fund's inaugural funding round closed on October 4, with participation from 30 investors, including blockchain company Block.one, Hong Kong tycoon Richard Li’s Pacific Century Group, Winklevoss Capital, Jebsen Capital, and Animoca Brands founder Yat Siu. The fund's investment areas include blockchain infrastructure, consumer applications such as gaming and nonfungible tokens (NFTs), and financial services, covering exchanges, wallets, and lending and borrowing platforms.
Among the investments made by Titan Fund are two Hong Kong-based startups:
Mocaverse: An NFT project launched by Hong Kong blockchain firm Animoca Brands, which raised $20 million in September 2023.
Terminal 3: A Web3 data infrastructure startup
The $100 million Titan Fund launch comes amid a decline in crypto funding during the bear market and since the FTX collapse. The value of global venture capital investments in crypto firms declined by 70.9% year-on-year, while the number of deals fell by 55%, according to data from Pitchbook. The launch of the crypto venture fund in Hong Kong underscores the city's growing prominence as a crypto-friendly hub.
Titan Fund Managing Director Yen Shiau Sin mentioned that a crackdown on crypto in the United States benefits Asian firms, as projects are considering moving to Hong Kong. Hong Kong has shifted its crypto policy to encourage Web3, formulating pro-crypto regulations, and allowing regulated crypto exchanges to offer services to retail customers.
(PRASHANT JHA, COINTELEGRAPH, 2023)