CMCC Global, a Hong Kong-based venture capital firm, has raised $100 million to support Asian blockchain startups. The fund, called Titan Fund, was backed by 30 investors including Block.one, Pacific Century Group, Winklevoss Capital, Jebsen Capital, and Animoca Brands founder Yat Siu. The fund will focus on investments in blockchain infrastructure, consumer applications such as gaming and NFTs, and financial services such as exchanges, wallets, and lending/borrowing platforms. Titan Fund has already made five investment rounds, two of which were for Hong Kong-based startups. These include Mocaverse, an NFT project launched by Animoca Brands, and Terminal 3, a Web3 data infrastructure start-up. The launch of the crypto venture fund comes at a time when the value of global venture capital investments in crypto firms has declined by 70.9% year-on-year, and the number of deals has fallen by 55%. Hong Kong’s shift in crypto policy last October has made it a safe harbor for crypto projects. According to Titan Fund managing director Yen Shiau Sin, the crackdown on crypto in the U.S. has made Asian firms beneficiaries, as “projects are thinking of coming here talking to us”. The government has also formulated pro-crypto regulations, allowing for regulated crypto exchanges and services for retail customers.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Asia |
| Countries | 🇭🇰 🇨🇳 🇺🇸 |
| Sentiment | positive |
| Relevance Score | 8 |
| People | Jebsen Capital, Terminal 3., Yat Siu, Richard Li, Winklevoss Capital |
| Companies | Jebsen Capital, Ripple., Terminal 3, Mocaverse, Animoca Brands, CMCC Global, FTX, Block.one, Pacific Century Group, Winklevoss Capital |
| Currencies | US Dollar, Ethereum, Hong Kong Dollar, Bitcoin, NFT Stars |
| Securities | None |
