CMCC Global, a venture capital firm focused on blockchain technology, has recently raised $100 million for a new fund called the Titan Fund. This fund will specifically invest in Web3 companies based in Hong Kong, targeting various sectors including gaming, the metaverse, and non-fungible tokens (NFTs).
In an announcement made on Wednesday, CMCC Global stated that the Titan Fund would make early-stage investments in promising Web3 companies. This move reflects the growing interest and potential in these sectors within the blockchain industry.
To ensure the efficient management of the Titan Fund, CMCC Global has enlisted the services of State Street as the fund’s administrator and EY as its auditor. These reputable firms will contribute their expertise and enhance the fund’s credibility in the market.
One noteworthy detail about this new fund is the involvement of some significant investors. Block.one (B1), a prominent player in the blockchain industry, has committed $50 million to the Titan Fund, making it the lead investor. Additionally, Richard Li’s Pacific Century Group, Winklevoss Capital (owned by Tyler and Cameron Winklevoss), and Animoca Brands founder Yat Siu have also invested in the fund.
Block.one’s investment in the fund goes beyond its financial contribution. As part of the deal, B1 will become a minority shareholder in CMCC Global’s holding entity. This strategic partnership demonstrates the confidence that these industry leaders have in CMCC Global’s investment strategy and their belief in the potential of Hong Kong’s blockchain ecosystem.
Hong Kong has re-established itself as a cryptocurrency hub after implementing a new regulatory regime in June. This favorable regulatory environment has made the city a desirable destination for investments from major venture capital players in the broader blockchain industry.
The creation of the Titan Fund signifies CMCC Global’s commitment to supporting and nurturing the growth of Web3 companies in Hong Kong. By providing early-stage investments, the fund aims to bring about innovation and drive the adoption of blockchain technology in sectors like gaming, the metaverse, and NFTs.
As the blockchain industry continues to evolve and expand, venture capital firms like CMCC Global are playing a crucial role in financing and facilitating the development of groundbreaking projects. The Titan Fund’s establishment marks a significant milestone in the growth of Hong Kong’s blockchain ecosystem and reinforces the city’s position as a leading player in the industry.