Richard

Pacific

Million

Hong Kong's CMCC Global, a venture capital firm with a focus on the crypto sector, has successfully raised $100 million to support blockchain startups in Asia.   
This initiative, known as the Titan Fund, recently concluded its first round of funding on October 4th, with 30 investors participating.   
Among the notable investors are blockchain firm Block.one, Hong Kong magnate Richard Li's Pacific Century Group, Winklevoss Capital, Jebsen Capital, and Animoca Brands founder Yat Siu, as reported by the South China Morning Post.   
The Titan Fund has identified specific areas for investment, including blockchain infrastructure, consumer applications such as gaming and nonfungible tokens (NFTs), and financial services encompassing exchanges, wallets, and lending and borrowing platforms.   
This marks CMCC Global's fourth venture fund that offers equity investments to early-stage blockchain startups, with a particular emphasis on Hong Kong.   
The fund has already completed five investment rounds, with two directed towards startups based in Hong Kong.   
Among the Hong Kong-based startups that have received support from the fund are Mocaverse, an NFT project launched by Animoca Brands in December 2022, which raised $20 million in September. The second recipient is Terminal 3, a Web3 data infrastructure startup.   
The launch of this $100 million crypto venture fund comes at a time when crypto funding has been relatively scarce due to the bear market and the recent FTX collapse.   
According to Pitchbook data, global venture capital investments in crypto firms saw a significant decline of 70.9% year-on-year, with the number of deals also dropping by 55%.   
This contrasts sharply with the previous bull market, during which crypto-based startups attracted billions in funding, resulting in the emergence of new unicorns almost every month. 
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Hong Kong Crypto Venture Capital Firm Launches $100 Million Fund for Asian Blockchain Startups

Optimisus

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