Richard Li-Backed Venture Firm Flags Hong Kong Crypto Potential

May 8, 2023

By Sharan Kaur Phillora

CMCC Global, a Hong Kong-based VC firm, has launched a new US$100 million fund focused solely on blockchain opportunities, signaling confidence in the island’s potential as a hub for virtual asset trading.

Here’s what we know

The fund has three main areas of interest: infrastructure, fintech, and consumer – all of which drive the digital assets space forward, co-founder Charlie Morris told Bloomberg Television.

The firm, which bills itself as one of Asia’s first VC funds focused purely on blockchain and cryptocurrency, has a strong investor base in Hong Kong. The new fund will primarily target seed and series A investments. CMCC, backed by Gemini Trust founders Cameron and Tyler Winklevoss, noted that Asia has seen a rapid increase in blockchain investments.

In particular, Hong Kong has been pushing to become a leading virtual-asset trading hub. The HK government has set aside HK$50 million (about US$6.4 million) for expanding its local Web3 ecosystem.

Just last year, CMCC Global launched a crypto fund to raise $300 million, and before that, they raised nearly $90 million in another crypto funding round.

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.

Translate Now