CMCC Global Launches $100 Million Titan Fund to Support Blockchain Startups in Asia
Asia-based blockchain venture capital (VC) firm CMCC Global has recently announced the launch of its Titan Fund, which aims to provide $100 million in funding to support blockchain startups in the region. Founded in 2016, CMCC Global is one of the first Asian VC firms to focus solely on the blockchain ecosystem.
The firm has revealed that Hong Kong will be the initial focus region for the Titan Fund before expanding to other Asian hubs and eventually worldwide. However, CMCC Global is not the sole investor in the fund. Winklevoss Capital, owned by Gemini’s Winklevoss Twins, and Animoca Brands are also principal contributors, along with other key players such as Block.one and Pacific Century Group.
Investment Focus and Recent Activities
The Titan Fund will offer equity investments in early-stage blockchain infrastructure companies, consumer applications, and crypto financial services. CMCC Global has been actively involved in the crypto VC landscape for several years and has strong ties with Hong Kong-based crypto firm Animoca Brands.
Recently, CMCC Global participated in a $20 million investment round for Mocaverse, a newly acquired non-fungible token (NFT) ecosystem. The company also took part in a pre-seed funding round for Terminal 3, a Web3-focused services firm.
Expansion and Current State of VC Funding
Although CMCC Global started as an Asia-focused VC firm, it has expanded its operations globally, including North America and Europe. Globally, VC funding in the crypto space has seen a significant decline. According to RootData, investments in the crypto industry dropped by 70% over a 365-day period from June 2022 to June 2023.
In the last 90 days, there have been 166 investment rounds worth $1.69 billion. However, this reflects a 10.2% decline compared to the same period in the previous year. The decline in interest is mainly attributed to regulatory uncertainties and market downturns affecting the cryptocurrency sector.
Hot Take: Hong Kong’s Crypto Appeal
Despite the overall decline in VC funding for crypto businesses, Hong Kong has emerged as an attractive destination for companies facing opposition in their home countries. The Hong Kong government revised its stance on cryptocurrencies in October 2022, leading to an increasing number of crypto businesses relocating to the region.
The launch of CMCC Global’s Titan Fund in Hong Kong further solidifies the city’s position as a hub for blockchain startups and investment opportunities in Asia.
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