Richard

Pacific

Wednesday

Quick take:
<ul>
 <li>CMCC Global has launched a $100M fund for Asian blockchain startups.</li>
 <li>The fund attracted more than 30 investors including Winklevoss Capital and Jebsen Capital.</li>
 <li>The fund recently led Animoca Brands’ $20 million fundraising for its NFT project Mocaverse.</li>
</ul>
CMCC Global has completed the first round of its fourth fund, The Titan Fund. The Hong Kong-based crypto-focused venture capital firm on Wednesday told the South China Morning Post that it has raised $100 million in a round backed by more than 30 investors.
Participants in the round include blockchain company Block.one, Hong Kong tycoon Richard Li’s Pacific Century Group, Winklevoss Capital, Jebsen Capital and Animoca Brands founder Yat Siu, <a href="https://www.scmp.com/tech/tech-trends/article/3236786/hong-kong-crypto-venture-capital-firm-cmcc-global-launches-us100-million-fund-amid-industry-slump" target="_blank" rel="noopener noreferrer nofollow">SCMP reported</a>.
According to the announcement, the Titan Fund will invest in early-stage blockchain startups with a focus on Hong Kong.
This comes at a time when the global Web3 funding fell for the seventh consecutive quarter, according to <a href="https://techcrunch.com/2023/10/02/web3-venture-funding-q3/" target="_blank" rel="noopener noreferrer nofollow">TechCrunch</a>.
However, while the various parts of the world, and especially the West continue to display some resistance towards embracing crypto amid a lack of clear regulations, Hong Kong and other Asian markets seem to be taking the lead in creating a framework for crypto companies to operate definitively,&nbsp;
The Asian country is rapidly becoming a Web3 hub, with more foreign companies including the world’s largest crypto exchange Binance recently applying for a virtual assets trading licence.
CMCC’s Titan Fund has already invested in five companies with its latest leading role announced last month. The fund led Anomoca Brands’ <a href="https://www.nftgators.com/animoca-brands-ramps-up-mocaverse-project-with-20m-funding-led-by-cmcc-global/" rel="noopener noreferrer nofollow">$20 million fundraising</a> for its <a href="https://www.nftgators.com/what-is-an-nft/" rel="noopener noreferrer nofollow">non-fungible token (NFT)</a> project Mocaverse. In August it participated in the Hong Kong-based Web3 data infrastructure start-up, Terminal 3’s pre-seed funding round.
Although the fund will focus on Hong Kong-based startups, there is no specified amount committed for the region with CMCC Global co-founder Martin Baumann telling SCMP the fund will invest in “the best entrepreneurs globally.”
“[However], if Hong Kong continues on its route of embracing Web3, there will naturally be more and more entrepreneurs starting companies in that space,” Baumann said. “And we can be their first capital.”
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The post <a rel="noopener noreferrer nofollow" href="https://www.nftgators.com/hong-kong-based-crypto-vc-firm-cmcc-global-launches-100m-fund/">Hong Kong-based Crypto VC Firm CMCC Global Launches $100M Fund</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://www.nftgators.com">NFTgators </a>.

Hong Kong-based Crypto VC Firm CMCC Global Launches $100M Fund

NFTgators

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