CMCC Global’s Big Bet on Asian Blockchain Innovations
In a recent bold move underscoring Asia’s growing prominence in the crypto realm, Hong Kong-based CMCC Global unveiled a $100 million crypto fund, named Titan Fund. The fund is designed with the express purpose of fortifying emerging blockchain startups scattered across Asia.
The curtain fell on Titan Fund’s inaugural fundraising event on October 4, seeing enthusiastic participation from 30 distinct investors. Among these heavyweights are Block.one, Winklevoss Capital, and Richard Li’s Pacific Century Group. Even Yat Siu, the brain behind Animoca Brands, has thrown his hat into the ring, as per reports from the South China Morning Post.
Investing in the Future: Where the Money Goes
Titan Fund’s strategy revolves around channeling investments into three principal sectors: blockchain underpinnings, consumer-centric applications like gaming and the burgeoning world of non-fungible tokens (NFTs), and financial amenities that span exchanges, lending platforms, and digital wallets.
This isn’t CMCC Global’s maiden voyage into the crypto investment waters. The Titan Fund marks their fourth endeavor aimed at empowering nascent blockchain initiatives, with a discernible preference for Hong Kong’s vibrant startup scene. To this end, the fund has already initiated five investment phases, of which two were bestowed upon startups rooted in Hong Kong.
Diving deeper, the beneficiaries include Mocaverse, an NFT venture sprung from the minds at Animoca Brands, and Terminal 3, a name rapidly gaining recognition in the Web3 data infrastructure arena.
Weathering the Storm and Hong Kong’s Strategic Shift
The unveiling of this substantial crypto venture fund emerges as a beacon of hope against the backdrop of dwindling crypto investments, attributed to the bear market’s chilling grip and the aftermath of the FTX debacle. Comprehensive data from Pitchbook outlines a sobering scene – a staggering 70.9% plummet in the global venture capital contributions to crypto establishments, paired with a 55% drop in the number of such transactions.
However, it’s not all doom and gloom. The birth of the Titan Fund in Hong Kong symbolizes the metropolis’s ascending trajectory as a trusted crypto refuge. Yen Shiau Sin, Titan Fund’s Managing Director, offered a glimpse into this optimistic pivot, hinting at the city’s allure for crypto projects in the face of stricter U.S. regulations.
Adding gravitas to this sentiment, Hong Kong unfurled a revamped crypto roadmap in October 2022. Emphasizing a pro-crypto stance, regulators rolled out guidelines that not only pave the path for regulated crypto exchanges but also extend an olive branch to retail clientele.
