Asia-focused blockchain venture capital firm CMCC Global recently announced the launch of its new $100 million Fund to support blockchain startups in the region.
CMCC Global, which was founded in 2016, was one of the first venture capital firms in Asia focused on the blockchain ecosystem.
According to a post on its X (formerly known as Twitter), the company said the fund would initially focus on Hong Kong before expanding to other Asian hubs and eventually globally. However, CMCC Global is not the sole investor in the Titan Fund.
Co-founder Martin Baumann shared with the South China Morning Post that Winklevoss Capital, owned by the Winklevoss twins of Gemini, and Animoca Brands are also major contributors.
Other notable investors like Block.one, Pacific Century Group, Jebsen Capital, and 30 more are key players in the fund as well. Baumann stated the blockchain fund would provide equity investments to early-stage infrastructure companies, consumer applications, and crypto financial services.
CMCC Global has been an influential crypto VC firm for several years. The company has close ties to fellow Hong Kong crypto firm Animoca Brands, recently joining a $20 million funding round for Animoca’s newly acquired NFT platform Mocaverse.
When asked how much of the $100 million would be deployed in Hong Kong specifically, Baumann said the amount was still flexible.
He explained the company’s strong Asian ties were why it chose to launch the new fund there first before anywhere else.
Despite its Asia focus, CMCC Global has continued expanding globally, now operating across North America and Europe.
However, globally, the level of capital invested in crypto-related businesses has declined sharply.
According to a dashboard from RootData, the amount of venture funding going to the crypto industry fell by 70% over a 365-day period.
For context, RootData stated that VC investments dropped from over $1.8 billion across 149 rounds in June 2022 down to just $520 million generated from only 83 projects in June 2023.
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