Crypto Investment Firm CMCC Global Hong Kong Successfully Raises $100M for Asian Blockchain Start-ups Despite Industry Challenges
In a significant achievement, CMCC Global Hong Kong has successfully raised $100 million in funding dedicated to supporting Asian blockchain start-ups, showcasing resilience in the face of challenges within the crypto sector, according to reports from the South China Morning Post (SCMP).
More than 30 investors participated in the fund’s initial round, including prominent names such as Block.one, Pacific Century Group, Winklevoss Capital, Jebsen Capital, and Yat Siu, the founder of Animoca Brands.
Named the Titan Fund, this venture marks CMCC Global’s fourth fund and is primarily focused on providing equity investments to early-stage blockchain start-ups, with a notable emphasis on those based in Hong Kong. Already, the fund has made five investments, two of which are in companies based in Hong Kong.
CMCC Global, established in Hong Kong in 2016, maintains a natural affinity for the city and its fintech innovation potential, although the Titan Fund is not strictly limited to Hong Kong firms. The fund is committed to investing in the most promising global entrepreneurs.
Hong Kong, once a thriving hub for crypto companies, witnessed an exodus due to regulatory uncertainties and pandemic-related restrictions. However, recent shifts in policy indicate the city’s renewed willingness to embrace the crypto industry, fostering optimism among crypto firms.
The Titan Fund’s areas of focus encompass blockchain infrastructure, consumer applications (such as gaming and NFTs), and financial services (including exchanges, wallets, lending, and borrowing platforms). However, the fund’s primary focus does not lie on new exchanges, considering the current dynamics in the industry.
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