Hong Kong’s CMCC Global Announces $100M Fund for Blockchain Ventures

By Sharan Kaur Phillora

In a bold move that contradicts the ongoing downturn in the cryptocurrency sector, Hong Kong-based crypto venture capital firm CMCC Global has unveiled a US$100 million fund. This initiative is specifically designed to bolster blockchain start-ups throughout Asia, with a predominant emphasis on Hong Kong’s burgeoning virtual asset scene.

Here’s what we know:

The new initiative, known as the Titan Fund, successfully amassed its target of US$100 million in its maiden round, attracting over 30 investors. Among these backers are significant names like Block.one, Pacific Century Group owned by Hong Kong magnate Richard Li, Winklevoss Capital, Jebsen Capital, and Animoca Brands’ founder, Yat Siu

Martin Baumann, co-founder of CMCC Global, remarked on the fund’s strategic aim to invest in top-tier entrepreneurs worldwide. However, he highlighted the firm’s intrinsic bond with Hong Kong since its inception in 2016, citing its vast fintech potential.

Interestingly, despite being the original hub for numerous crypto firms, Hong Kong had witnessed a decline in such establishments. This was largely attributed to ambiguous digital asset regulations and tight pandemic-led controls. Yet, a change in the tide was noted last October when Hong Kong rolled out guidelines welcoming the crypto domain, permitting authorized crypto exchanges to onboard retail traders.

Even with sporadic setbacks like the JPEX debacle affecting investor sentiment, crypto entities remain upbeat about the metropolis’s forward-looking crypto landscape. As Baumann pointed out, many crypto companies now gravitate towards Hong Kong.

Although securing funds in the present climate is challenging, as evidenced by a 70.9% YoY dip in global crypto venture capital investments in Q2, the Titan Fund is well-prepared. It plans to channel investments towards blockchain infrastructure, consumer-oriented applications, and financial platforms but will not predominantly focus on exchanges, Baumann clarified.

While the crypto realm has its challenges, CMCC Global’s new fund indicates robust confidence in Hong Kong’s digital future.

About the author

Sharan Kaur Phillora’s thirst for knowledge has led her to study many different subjects, including NFTs and Blockchain technology – two emerging technologies that will change how we interact with each other in the future. When she isn’t exploring a new idea or concept, she enjoys reading literary masterpieces.

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