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Hong Kong cryptocurrency venture capital firm launches $100 million fund for blockchain startups in Asia.
CMCC Global, a venture capital firm based in Hong Kong with a focus on cryptocurrency, has successfully secured $100 million to support blockchain startups in Asia.
The fund, named Titan Fund, concluded its first funding round on October 4, attracting contributions from 30 investors, including the blockchain firm Block.one, Richard Li’s Pacific Century Group, Winklevoss Capital, Jebsen Capital, and Yat Siu, the founder of Animoca Brands, as reported by the South China Morning Post.
Titan Fund will prioritize investments in three primary sectors: blockchain infrastructure, consumer applications such as gaming and non-fungible tokens (NFTs), and financial services that encompass exchanges, wallets, and lending and borrowing platforms.
This fund from CMCC Global marks its fourth initiative to provide equity investments to early-stage blockchain startups, with a particular emphasis on Hong Kong. The fund has already completed five investment rounds, two of which were directed towards startups based in Hong Kong.
The two Hong Kong-based startups include Mocaverse, an NFT initiative launched in December 2022 by Animoca Brands, which secured $20 million in funding in September. Prior to that, in August, the Titan Fund participated in the pre-seed funding round for Terminal 3, a Web3 data infrastructure startup located in Hong Kong.
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The $100 million crypto venture fund emerges during a period of reduced funding in the crypto sector, attributed to the bear market and the collapse of FTX. Data from Pitchbook indicates that the value of global venture capital investments in cryptocurrency firms has decreased by 70.9% year-on-year, while the number of transactions has dropped by 55%. This stands in stark contrast to the previous bull market, when crypto startups raised substantial amounts and new unicorns emerged every couple of months.
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The establishment of the crypto VC fund in Hong Kong also highlights the city’s increasing status as a secure environment for cryptocurrency. Yen Shiau Sin, managing director of Titan Fund, noted that the regulatory crackdown on crypto in the U.S. has resulted in Asian firms benefiting, as “projects are considering coming here to engage with us.”
In October of the previous year, Hong Kong announced a change in its crypto policy, with the government indicating a commitment to developing regulations that promote Web3. Regulators reinforced this policy shift by creating pro-crypto regulations that facilitate the establishment of regulated crypto exchanges and allow services to be accessible to retail customers.
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