Hong Kong Crypto Venture Capital Firm Raises Huge Fund Amid Regulatory Changes
Hong Kong-based venture capital firm CMCC Global has launched a new fund — the “Titan Fund,” securing an initial round of $100 million to support new Asian blockchain start-ups. This fundraising success comes at a time when the crypto sector is struggling to get funds, which has been made worse by some high-profile collapses in the sector.
According to CMCC Global co-founder, Martin Baumann in an interview with China Morning Post, Over 30 investors, including well-known companies like Winklevoss Capital, Jebsen Capital, and blockchain company Block.one, and Hong Kong tycoon Richard Li’s Pacific Century Group, put money into CMCC Global’s Titan Fund in its first funding round.
Crypto firms in the city are optimistic about the industry’s long-term potential despite recent challenges, including JPEX’s fraud. Hong Kong’s crypto hub status is growing as new companies are establishing a presence. Baumann said,
“If Hong Kong keeps moving in the direction of embracing Web3, then more and more entrepreneurs will start businesses in that area.” “And we could be their first capital.”
One of the most important investments the Titan Fund has made is in Mocaverse, a new non-fungible token (NFT) project started by Animoca Brands, Hong Kong’s blockchain unicorn, in December of last year. Mocaverse was able to raise $20 million earlier this year.
Historically, Hong Kong has served as a significant birthplace for numerous crypto firms. However, regulatory and pandemic-induced restrictions in recent years have caused ripples in the industry. The City initiated a policy shift in October of the previous year, facilitating industry acceptance by permitting licensed crypto exchanges for retail traders.
Titan Fund Managing Partner Yen Shiau Sin noted that a US crypto crackdown has led projects to consider moving to Asia, benefiting the region. CMCC Global’s Titan fundraising shows the blockchain and crypto sector’s resilience and interest despite fundraising challenges.
Read also: Ripple receives full licensing for crypto services in Singapore
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