In a challenging market environment for crypto firms, Hong Kong-based venture capital firm CMCC Global has raised $100 million for its Titan Fund, aimed at supporting Asian blockchain startups. This comes as global venture capital investments in crypto have declined by 70.9% year-on-year, with a 54.5% drop in the number of deals. The fund has attracted 30 investors, including Block.one, Pacific Century Group, Winklevoss Capital, Jebsen Capital, and Animoca Brands founder Yat Siu. Investments will be focused on blockchain infrastructure, consumer applications (with an emphasis on gaming and non-fungible tokens), and financial services. Despite not having a specific mandate for Hong Kong companies, CMCC Global recognizes the city’s potential in fintech innovation and aims to invest in the best entrepreneurs globally. The launch of the fund is notable given the current market slump and previous incidents like the FTX exchange bankruptcy. However, the fund has already made five investment rounds, including two in Hong Kong-based startups. Hong Kong has experienced a business exodus in recent years due to regulatory uncertainties and pandemic restrictions, but a policy shift in October 2022 signaled the city’s renewed embrace of the industry. The launch of the crypto VC fund in Hong Kong highlights the city’s growing prominence as a secure crypto harbor, particularly in light of regulatory crackdowns in the United States. CMCC Global’s Titan Fund provides crucial financial backing to blockchain startups in Asia, contributing to the sector’s resilience and future growth.
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 | ðŸ‡ðŸ‡° |
| Sentiment | positive |
| Relevance Score | 0 |
| People | Raghav Sawhney |
| Companies | Winklevoss Capital, Block.one, Animoca Brands, Jebsen Capital, Pacific Century Group |
| Currencies | None |
| Securities | None |
