Title: CMCC Global Launches Fourth Crypto Fund with Focus on Hong Kong Blockchain Startups
Date: October 5, 2023
Duration: 2 min read
Hong Kong-based crypto venture capital firm, CMCC Global, has introduced its fourth crypto fund, which aims to support budding blockchain startups with a primary focus on Hong Kong. The initiative has received financial backing from Hong Kong billionaire, Richard Li.
CMCC Global recently raised $100 million in its Titan Fund, specifically dedicated to Asian blockchain startups. The fund has attracted 30 investors, including Block.one, a leading blockchain company serving as the fund’s lead investor. The fund is being administered by State Street and audited by EY.
The Titan Fund will primarily invest in areas such as blockchain infrastructure, consumer applications like gaming and NFTs (Non-Fungible Tokens), and financial services. It aims to provide equity investments to promising blockchain startups that show potential within the market.
By attracting prominent investors, including renowned blockchain companies, CMCC Global’s new fund seeks to stimulate innovation and growth in the blockchain sector, particularly in Hong Kong. The fund’s selection of Hong Kong emphasizes its status as a safe crypto environment with a robust infrastructure, especially when compared to recent concerns surrounding the US crypto industry and regulations.
In October 2022, the Hong Kong government expressed its commitment to creating a legislative framework that promotes the adoption of Web3 technologies and establishes pro-crypto regulations to facilitate the operation of regulated crypto exchanges.
With the value of global venture capital investments in crypto firms declining by 70.9% YoY in Q2, according to Pitchbook data, CMCC Global’s initiative provides a much-needed boost to the crypto industry. It also demonstrates the resilience and potential of the Asian market, enticing projects to explore opportunities in the region.
In conclusion, CMCC Global’s launch of its fourth crypto fund, with a significant focus on Hong Kong-based startups, highlights the city’s growing importance in the global blockchain ecosystem. Supported by a diverse investor base and attracting promising projects, this fund has the potential to drive innovation and propel the growth of the blockchain industry in Hong Kong and beyond.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. All rights reserved.