Hong Kong Crypto VC Fuels $100M Growth for Asian Blockchain

Hong Kong October 24, 2023: Hong Kong-based crypto venture capital firm CMCC Global said on October 4 said it had raised $100 million to support Asian blockchain startups. ¹

The fund, called Titan Fund, has already made five investments, with two going toward Hong Kong-based projects.

Titan Fund’s inaugural funding round garnered substantial interest from 30 investors, including prominent names such as Block One, Richard Li’s Pacific Century Group, Winklevoss Capital, Jebsen Capital, and Animoca Brands founder Yat Siu.

This follows the city’s government’s recent pro-crypto policy announcements in recent months, including the establishment of a licensing regime for virtual asset service providers.

The fund strategically aims to support emerging Asian blockchain startups and will focus on several key sectors, including blockchain infrastructure, consumer-oriented applications like gaming and non-fungible tokens (NFTs), and financial services, encompassing exchanges, wallets, and lending and borrowing platforms.

The Titan Fund is CMCC Global’s fourth foray into providing equity investments to nascent blockchain startups, with a specific emphasis on those based in Hong Kong. Two of its prior five investment rounds have been allocated to startups rooted in Hong Kong.

Notable among these is Metaverse, a pioneering NFT project launched by Hong Kong-based blockchain firm Animoca Brands in December 2022, which secured an impressive $20 million in funding in September. Another significant participant is Terminal 3, an innovative Web3 data infrastructure startup.

The infusion of $100 million into the Titan Fund comes at a time when the funding landscape faces challenges, exacerbated by the bear market and the aftermath of the FTX collapse.
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Sources

Hong Kong Crypto VC Fuels $100M Growth for Asian Blockchain

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