Hong Kong-based VC Firm Raises $100 Million for Asian Blockchain Startups
Hong Kong-based venture capital firm CMCC Global has successfully raised $100 million for its crypto fund, called Titan Fund. The funding round, which closed on Oct. 4, saw participation from 30 investors, including Block.one, Richard Li’s Pacific Century Group, Winklevoss Capital, Jebsen Capital, and Animoca Brands founder Yat Siu.
Focus on Three Key Investment Areas
Titan Fund will focus its investments on three key areas: blockchain infrastructure, consumer applications like gaming and non-fungible tokens (NFTs), and financial services including exchanges, wallets, and lending platforms.
Prioritizing Hong Kong Startups
This is the fourth equity investment fund from CMCC Global that targets early-stage blockchain startups in Hong Kong. The fund has already completed five investment rounds, with two of them going to Hong Kong-based startups. Notably, the fund participated in the pre-seed funding round for Terminal 3, a Web3 data infrastructure startup based in Hong Kong.
Amid Crypto Funding Drought
The launch of the $100 million crypto venture fund comes at a time when the crypto industry is experiencing a decline in funding due to the bear market and the collapse of FTX. According to Pitchbook data, global venture capital investments in crypto firms have declined by 70.9% year-on-year, with a 55% decrease in the number of deals.
Hong Kong’s Growing Importance as a Crypto Hub
The launch of the crypto VC fund in Hong Kong highlights the city’s increasing prominence as a safe haven for cryptocurrencies. Titan Fund’s managing director Yen Shiau Sin noted that the crackdown on crypto in the U.S. has led to Asian firms considering Hong Kong as a favorable destination for their projects.
Hong Kong’s Crypto-Friendly Regulations
Hong Kong announced a shift in its crypto policy in October last year, with a focus on building regulations to encourage Web3. The government has since implemented pro-crypto regulations, allowing for regulated crypto exchanges and services for retail customers.
Hot Take: Hong Kong Emerges as a Leading Crypto Hub in Asia
The launch of CMCC Global’s $100 million Titan Fund further solidifies Hong Kong’s position as a leading hub for blockchain and cryptocurrency innovation in Asia. With its favorable regulatory environment and growing investor interest, Hong Kong continues to attract both local and international startups looking to capitalize on the potential of blockchain technology. This influx of funding will fuel the development of innovative projects across various sectors, including gaming, NFTs, and financial services. As the crypto industry faces challenges globally, Hong Kong stands out as a resilient and supportive ecosystem for entrepreneurs and investors alike.
By
By
By
By
By