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CMCC Global, a enterprise capital agency specializing in crypto and blockchain tasks, recently announced the successful raise of US$100 million for its newly launched Titan Fund. This fund is primarily focused on supporting early-stage Web3 start-ups based in Asia, particularly in Hong Kong.
The preliminary spherical of funding was efficiently completed on Wednesday, attracting over 30 buyers who joined the initiative. Notable contributors embrace Block.one, Pacific Century Group, Winklevoss Capital, Jebsen Capital, and Yat Siu- the esteemed founding father of Animoca Brands.
Titan Fund to Support Hong Kong’s Fintech Innovation
Martin Baumann, co-founder of CMCC Global, revealed that the Titan Fund will specialize in fairness investments solely in early-stage blockchain start-ups. The fund’s major focus shall be on corporations based mostly in Hong Kong, where CMCC Global was established again in 2016.
Read additionally: Hong Kong’s top VC firm approaches billionaires for $300 million Crypto funding
Baumann expressed a powerful connection to the metropolis and highlighted its immense potential for fintech innovation. Notably, among the many fund’s preliminary 5 investments, two had been directed in direction of Hong Kong-based enterprises.
One of them is Mocaverse, an intriguing non-fungible token (NFT) venture launched by Animoca Brands, which efficiently raised US$20 million in September. Additionally, Terminal 3 acquired pre-seed funding because it embarks on its journey as a Web3 knowledge infrastructure start-up.
Read Also: Animoca Brands Targets $1 Billion Raise for Its New Web3 and Metaverse Fund
Baumann emphasised that whereas there isn’t any particular mandate regarding capital allocation to Hong Kong corporations, the fund goals to take a position in top-tier entrepreneurs from everywhere in the globe.
He additional talked about that if Hong Kong continues to embrace Web3 strategies like Blockchain, extra opportunities for fintech innovation are anticipated to come up inside the metropolis.
““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,” Baumann stated.
Hong Kong’s Crypto Push Attracts More Firms
In recent years, Hong Kong has skilled a big decline in crypto corporations because they grapple with regulatory uncertainties and pandemic restrictions. However, the town took a noteworthy step in direction of welcoming the trade by implementing new guidelines in October final yr.
These guidelines now enable licensed crypto exchanges to cater to retail merchants. Although the collapse of the allegedly fraudulent exchange JPEX has shaken retail investors’ confidence in digital property, crypto corporations working inside Hong Kong stay optimistic about their long-term prospects.
“Ever since Hong Kong embraced this [sector], we see a steady increase [of] new companies aiming to settle down here and companies relocating to Hong Kong,” Baumann stated.
Yen Shiau Sin, the managing companion of Titan Fund, expressed that the latest crackdown on cryptocurrency in the United States has resulted in potential benesuits for Asian corporations. According to him, a number of tasks are contemplating relocating and fascinating with Asian corporations.
The focus areas of Titan Fund embody blockchain infrastructure, eatr functions (akin to gaming and NFTs), and monetary companies (together with alternate, wallets, and lending platforms). However, it’s necessary to notice that new alternates don’t obtain major attention from the fund attributable to present trade dynamics.
The offered content material could embrace the private opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any accountability for your private monetary loss.
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