CMCC Global Launches $100 Million Fund for Asian Blockchain Startups
CMCC Global, a crypto-focused venture capital firm based in Hong Kong, has successfully raised $100 million for its newly established Titan Fund.
That’s according to a report on Wednesday (local time) published by the South China Morning Post (SCMP). The fund is dedicated to providing crucial support to startups operating in Asia’s developing blockchain sector.
Prominent backers
Over 30 prominent investors, including Winklevoss Capital and Animoca Brands Founder Yat Siu, have eagerly backed the initiative. Last month, CMCC led a funding round into Animoca. Among the notable investors joining this venture are EOS blockchain developer Block.one, Richard Li’s Pacific Century Group, and Hong Kong-based growth equity investment firm Jebsen Capital.
The Titan Fund is structured to channel its capital into three primary investment categories: blockchain infrastructure, consumer applications, and crypto financial services. Martin Baumann, Co-Founder of CMCC Global, emphasized the fund’s commitment to fostering innovation in the blockchain space. He stated:
“If Hong Kong continues on its route of embracing Web3, there will naturally be more and more entrepreneurs starting companies in that space. And we can be their first capital.”
Exploiting Asia’s Web3 opportunity
Based on commentary by Baumann earlier this year, the CMCC Global Co-Founder certainly believes that an opportunity has opened up in Asia where Web3 is concerned. In May Baumann told Bloomberg TV that regulatory issues unfolding in the United States represented an opportunity for Asia.
In criticizing the US, Baumann stated:
“The US has been quite negative from the regulatory perspective and it really seems to us that the US is shooting itself in the foot with a machine gun.”
Developing upon the inherent opportunity implicated in that difficulty in the US, he said: “We see places like Hong Kong having a real opportunity at this point in time to bring those firms and entrepreneurs to the city.”
There’s plenty of capital sitting on the sidelines waiting for the right entry valuations to pull the trigger,” he added.
Hong Kong’s crypto ascendency
The venture capitalist may have been right on both counts. This funding announcement coincides with Hong Kong’s resurgence in the crypto arena. Historically, the city had been home to industry giants like BitMEX and Alameda Research.
Recent developments indicate that Hong Kong is actively collaborating with China to establish itself as a thriving hub for crypto innovation. The Chinese autonomous territory has been encouraging crypto start-ups on the Mainland to relocate to Hong Kong. In August, it granted licenses to HashKey Exchange and OSL to offer crypto trading services to retail traders.
The Titan Fund’s successful capitalization demonstrates the growing interest and confidence in Asia’s blockchain ecosystem. CMCC Global, with its pool of investors, is aiming to play a pivotal role in supporting and nurturing the next wave of blockchain startups in the region.
