Hong Kong-based crypto-focused enterprise capital (VC) agency CMCC Global has raised $100 million to assist Asian blockchain startups.
The crypto fund, referred to as Titan Fund, closed its inaugural funding spherical on Oct. 4, with participation from 30 buyers, together with blockchain firm Block.one, Hong Kong tycoon Richard Li’s Pacific Century Group, Winklevoss Capital, Jebsen Capital and Animoca Brands founder Yat Siu, the South China Morning Post reported.
Titan Fund will focus on investments in key areas: blockchain infrastructure, shopper purposes like gaming and nonfungible tokens (NFTs), and monetary providers, together with exchanges, wallets and platforms for lending and borrowing.
The crypto fund from CMCC Global can be its fourth to supply fairness investments to early-stage blockchain startups with Hong Kong in focus. The fund has already made 5 funding rounds, with two going towards Hong Kong-based startups.
The two Hong Kong startups are Mocaverse, an NFT undertaking launched in December 2022 by Hong Kong blockchain agency Animoca Brands that raised $20 million in September, and Terminal 3, a Web3 knowledge infrastructure startup.
The $100 million crypto enterprise fund comes amid a drought of crypto funding throughout the bear market and for the reason that FTX collapse. According to knowledge from Pitchbook, the worth of worldwide enterprise capital investments in crypto corporations declined by 70.9% year-on-year, whereas the variety of offers fell by 55%. This starkly contrasts the bull market when crypto-based startups raised billions, and the crypto ecosystem noticed a brand new unicorn each different month.
Related: US ‘the only country’ crypto startups should avoid, says Ripple CEO
The crypto VC fund launch in Hong Kong additionally signifies the town’s rising prominence as a protected crypto harbor. Titan Fund managing director Yen Shiau Sin mentioned a crackdown on crypto within the United States means Asian corporations are beneficiaries, as “projects are thinking of coming here talking to us.”
Hong Kong introduced a shift in its crypto coverage in October 2022, with the federal government making it clear it will give attention to constructing regulation to encourage Web3. The regulators doubled down on the coverage shift and formulated pro-crypto laws, making means for regulated crypto exchanges and even opening up services to retail customers.
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