CMCC Global, a enterprise capital agency specializing in crypto and blockchain tasks, recently announced the successful raise of US$100 million for its newly launched Titan Fund. This fund is primarily focused on supporting early-stage Web3 start-ups based in Asia, particularly in Hong Kong.
The preliminary spherical of funding was efficiently completed on Wednesday, attracting over 30 buyers who joined the initiative. Notable contributors embody Block.one, Pacific Century Group, Winklevoss Capital, Jebsen Capital, and Yat Siu- the esteemed founding father of Animoca Brands.
Titan Fund to Support Hong Kong’s Fintech Innovation
Martin Baumann, co-founder of CMCC Global, revealed that the Titan Fund will specialize in fairness investments solely in early-stage blockchain start-ups. The fund’s major focus shall be on firms primarily based in Hong Kong, where CMCC Global was established again in 2016.
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Baumann expressed a robust connection to the metropolis and highlighted its immense potential for fintech innovation. Notably, among the many fund’s preliminary 5 investments, two had been directed in the direction of Hong Kong-based enterprises.
One of them is Mocaverse, an intriguing non-fungible token (NFT) challenge launched by Animoca Brands, which efficiently raised US$20 million in September. Additionally, Terminal 3 acquired pre-seed funding because it embarks on its journey as a Web3 knowledge infrastructure start-up.
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Baumann emphasised that whereas there is not any particular mandate regarding capital allocation to Hong Kong firms, the fund goals to speculate in top-tier entrepreneurs from everywhere in the globe.
He additional talked about that if Hong Kong continues to embrace Web3 strategies like Blockchain, extra opportunities for fintech innovation are anticipated to come up inside the metropolis.
““If Hong Kong continues on its route of embracing Web3, there will naturally be more and more entrepreneurs starting companies in that space, and we can be their first capital,” Baumann stated.
Hong Kong’s Crypto Push Attracts More Firms
In recent years, Hong Kong has skilled a major decline in crypto corporations because they grapple with regulatory uncertainties and pandemic restrictions. However, town took a noteworthy step in the direction of welcoming the business by implementing new guidelines in October final yr.
These guidelines now permit licensed crypto exchanges to cater to retail merchants. Although the collapse of the allegedly fraudulent exchange JPEX has shaken retail investors’ confidence in digital belongings, crypto corporations working inside Hong Kong stay optimistic about their long-term prospects.
“Ever since Hong Kong embraced this [sector], we see a steady increase [of] new companies aiming to settle down here and companies relocating to Hong Kong,” Baumann stated.
Yen Shiau Sin, the managing accomplice of Titan Fund, expressed that the current crackdown on cryptocurrency in the United States has resulted in potential benesuits for Asian corporations. According to him, a number of tasks are contemplating relocating and fascinating with Asian corporations.
The focus areas of Titan Fund embody blockchain infrastructure, devourr purposes (resembling gaming and NFTs), and monetary companies (together with trade, wallets, and lending platforms). However, it’s necessary to notice that new trades don’t obtain major attention from the fund as a result of present business dynamics.
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