Standard CharteredHong Kong, CMCC Global, a leading venture capital firm with a keen focus on crypto and blockchain projects, has made headlines with its recent announcement. The firm has successfully raised a staggering US$100 million for its Titan Fund, a new initiative aimed at bolstering early-stage Web3 start-ups, particularly those based in Asia and Hong Kong.
A landmark funding round attracting top investors
The initial funding round, which concluded this past Wednesday, saw participation from over 30 investors, marking a significant milestone for the Titan Fund. Among the notable contributors were industry giants such as Block.one, Pacific Century Group, Winklevoss Capital, and Jebsen Capital. Yat Siu, the renowned founder of Animoca Brands, also joined the ranks of these esteemed investors.
The Titan Fund’s primary objective is to support and nurture early-stage blockchain start-ups, with a particular emphasis on those based in Hong Kong. This strategic focus stems from CMCC Global’s roots, as the firm was established in the city in 2016. Martin Baumann, co-founder of CMCC Global, expressed his deep connection to Hong Kong and emphasized the city’s vast potential as a hub for fintech innovation.
Initial investments and the vision for Hong Kong’s fintech future
Among the first batch of investments made by the Titan Fund, two have been directed towards ventures based in Hong Kong. One such venture is Mocaverse, an innovative non-fungible token (NFT) project by Animoca Brands, which garnered US$20 million in funding this September. Another notable recipient is Terminal 3, a budding Web3 data infrastructure start-up.
While the Titan Fund does not have a strict mandate concerning capital allocation to Hong Kong-based companies, its overarching goal is to invest in top-tier entrepreneurs globally. Baumann further elaborated on this vision, stating, “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.”
Hong Kong’s evolving crypto landscape and the promise it holds
Recent years have seen a decline in the number of crypto firms in Hong Kong, primarily due to regulatory uncertainties and the challenges posed by the pandemic. However, in a significant move last October, the city introduced new regulations, allowing licensed crypto exchanges to serve retail traders.
This move, despite the setback caused by the collapse of the JPEX exchange, has instilled optimism among crypto firms about their long-term prospects in Hong Kong. Baumann commented on this positive shift, noting the steady influx of new companies looking to establish themselves in the city and existing firms considering relocation to Hong Kong.
Yen Shiau Sin, the managing partner of Titan Fund, also weighed in on the matter. He highlighted the recent crackdown on cryptocurrency in the United States and its potential silver lining for Asian firms. According to Sin, this has led to several projects contemplating relocation and seeking partnerships with Asian entities.
The Titan Fund’s areas of interest span across blockchain infrastructure, consumer applications like gaming and NFTs, and financial services, including exchanges, wallets, and lending platforms. However, Baumann was quick to note that new exchanges are not the fund’s primary focus, given the current industry dynamics.
Conclusion
CMCC Global’s Titan Fund represents a significant step forward for the crypto and blockchain industry in Hong Kong. With its substantial financial backing and strategic focus on early-stage Web3 start-ups, the fund is poised to play a pivotal role in shaping the future of fintech innovation in the region. As Hong Kong continues to evolve its regulatory landscape and embrace the potential of Web3, the city stands to benefit immensely from initiatives like the Titan Fund, driving growth and fostering innovation in the crypto space.
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