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From Hong Kong, CMCC Global, a venture capital organization with a primary interest in cryptocurrency, recently secured $100 million. The objective? To uplift emerging blockchain businesses in Asia.
Concluding its first round of fundraising on October 4, 30 investors showed interest and lent their financial support. Notable backers were blockchain enterprise Block.one, Pacific Century Group led by Hong Kong magnate Richard Li, Winklevoss Capital, Jebsen Capital, and Yat Siu, who founded Animoca Brands, as per the South China Morning Post.
The direction for Titan Fund, CMCC Global's crypto fund, is crystal clear. The primary focus is on blockchain foundational structures, consumer-centric applications – considering games and NFTs – and crucial financial services. This encompasses lending-borrowing platforms, wallets, and exchanges.
Interestingly, this isn't CMCC Global's first crypto fund aimed at fostering young blockchain endeavors. In fact, it's their fourth. Their spotlight remains on Hong Kong, where they've already completed five rounds of investment, dedicating funds to two startups from the city.
These two startups from Hong Kong are Mocaverse, a unique NFT initiative by Animoca Brands, which successfully gathered $20 million in September, and Terminal 3, a company driving the Web3 data landscape.
This generous investment in the cryptocurrency sector by CMCC Global comes at a time when the industry is experiencing reduced funding, especially after the unfortunate collapse of FTX. Recent data from Pitchbook reveals a dramatic drop of 70.9% in the value of global investments in crypto organizations, and the number of deals also plummeted by 55%.
This new fund by CMCC Global also underscores Hong Kong's rising stature as a favorable crypto destination. In the wake of tightened regulations in the U.S., Asian companies are reaping the benefits. Yen Shiau Sin, Titan Fund's top executive, commented that numerous projects are now eyeing Hong Kong.
In 2022, Hong Kong redefined its stance on cryptocurrency. The government emphasized a commitment to enhancing Web3 regulations. This decisive move facilitated the inception of regulated crypto exchanges and expanded accessibility for everyday consumers.
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