Hong Kong-based crypto venture capital firm, CMCC Global, introduces a US$100 million fund, known as the Titan Fund, to support blockchain startups across Asia.
Hong Kong’s CMCC Global‘s new Titan Fund is dedicated to funding ventures in critical blockchain sectors, encompassing blockchain infrastructure, consumer applications such as gaming and non fungible tokens (NFTs), and financial services, including exchanges, wallets, and lending/borrowing platforms. The fund’s inaugural round, concluded late 2023, garnering investments from 30 participants, including major players like Block.one, Richard Li’s Pacific Century Group, Winklevoss Capital, Jebsen Capital, and Animoca Brands‘ founder, Yat Siu.
This marks CMCC Global’s fourth equity investment fund targeting early-stage blockchain startups, with a specific focus on Hong Kong. The fund has already executed five investment rounds, channelling support towards two Hong Kong-based projects.
Among these projects, Mocaverse, an NFT initiative initiated by Hong Kong’s Animoca Brands in December 2022, recently raised US$20 million in September. Their second Hong Kong startup, Terminal 3, specialises in Web3 data infrastructure.
The launch of this US$100 million crypto venture fund arrives in the wake of a dip in crypto funding, a consequence of the bear market and the FTX exchange collapse. The inception of this crypto VC fund in Hong Kong highlights the city’s growing role as a secure crypto haven.
Titan Fund’s managing director, Yen Shiau Sin, noted that the United States’ stricter crypto stance is pushing projects to consider relocating to Asia, favouring Hong Kong as an attractive destination.
Hong Kong revamped its crypto policy in October 2022, with the government signalling its intent to foster crypto-friendly regulation that promotes Web3 initiatives. Regulators doubled down on this approach by formulating pro-crypto regulations, paving the way for regulated crypto exchanges and offering crypto services to retail customers.
Titan Fund’s launch is a testament to the increasing vibrancy of Asia’s blockchain and crypto ecosystem, and Hong Kong is positioning itself as a key player in this dynamic landscape, attracting attention from startups, investors, and innovators eager to participate in the region’s blockchain renaissance.
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