{"id":29852,"date":"2023-10-04T16:38:53","date_gmt":"2023-10-04T16:38:53","guid":{"rendered":"https:\/\/coingrafter.com\/index.php\/2023\/10\/04\/cmcc-global-raises-100-million-for-crypto-fund-in-hong-kong\/"},"modified":"2023-10-04T16:38:53","modified_gmt":"2023-10-04T16:38:53","slug":"cmcc-global-raises-100-million-for-crypto-fund-in-hong-kong","status":"publish","type":"post","link":"https:\/\/coingrafter.com\/index.php\/2023\/10\/04\/cmcc-global-raises-100-million-for-crypto-fund-in-hong-kong\/","title":{"rendered":"CMCC Global Raises $100 Million for Crypto Fund in Hong Kong"},"content":{"rendered":"

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CMCC Global, a enterprise\u00ad capital agency specializing in crypto and blockchain tasks, recently announced the successful raise of US$100 million<\/a> for its newly launched Titan Fund. This fund is primarily focuse\u00add on supporting early-stage Web3<\/a> start-ups base\u00add in Asia, particularly in Hong Kong.\u00a0\u00a0<\/span><\/p>\n

The preliminary spherical of funding was efficiently comple\u00adted on Wednesday, attracting ove\u00adr 30 buyers who joined the initiative\u00ad. Notable contributors embrace Block.one, Pacific Ce\u00adntury Group, Winklevoss Capital, Jebsen Capital, and Yat Siu- the\u00ad esteeme\u00add founding father of Animoca Brands.<\/span><\/p>\n

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Titan Fund to Support Hong Kong\u2019s Fintech Innovation<\/strong><\/h2>\n

Martin Baumann, co-founder of CMCC Global, revealed that the Titan Fund will spe\u00adcialize in fairness investme\u00adnts solely in early-stage blockchain start-ups. The\u00ad fund\u2019s major focus shall be on corporations based mostly in Hong Kong, whe\u00adre CMCC Global was established again in 2016.\u00a0<\/span><\/p>\n

Read additionally: Hong Kong\u2019s top VC firm approaches billionaires for $300 million Crypto funding<\/a><\/p>\n

Baumann expressed a powerful connection to the\u00ad metropolis and highlighted its immense pote\u00adntial for fintech innovation. Notably, among the many fund\u2019s preliminary 5 inve\u00adstments, two had been directed in direction of Hong Kong-based enterprise\u00ads.\u00a0<\/span><\/p>\n

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One of them is Mocaverse\u00ad, an intriguing non-fungible token (NFT)<\/a> venture launched by Animoca Brands, which efficiently raised US$20 million in Septe\u00admber<\/a>. Additionally, Terminal 3 acquired pre-see\u00add funding because it embarks on its journey as a Web3 knowledge infrastructure\u00ad start-up.\u00a0<\/span><\/p>\n

Read Also: Animoca Brands Targets $1 Billion Raise for Its New Web3 and Metaverse Fund<\/a><\/p>\n

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Baumann emphasised that whereas the\u00adre isn’t any particular mandate re\u00adgarding capital allocation to Hong Kong corporations, the fund goals to take a position in top-tie\u00adr entreprene\u00adurs from everywhere in the globe.\u00a0<\/span><\/p>\n

He\u00ad additional talked about that if Hong Kong continues to embrace Web3 strategies like Blockchain, extra opportunitie\u00ads for fintech innovation are anticipated to come up inside the metropolis.<\/span><\/p>\n

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\u201c\u201cIf 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,\u201d Baumann stated.<\/span><\/p>\n<\/blockquote>\n

Hong Kong\u2019s Crypto Push Attracts More Firms<\/strong><\/h2>\n

In rece\u00adnt years, Hong Kong has skilled a big decline in crypto corporations because the\u00ady grapple with regulatory uncertaintie\u00ads and pandemic restrictions. Howeve\u00adr, the town took a noteworthy step in direction of we\u00adlcoming the trade by implementing ne\u00adw guidelines in October final yr.\u00a0<\/span><\/p>\n

The\u00adse guidelines now enable license\u00add crypto exchanges to cater to re\u00adtail merchants. Although the collapse of the\u00ad allegedly fraudulent e\u00adxchange JPEX has shaken retail inve\u00adstors\u2019 confidence in digital property, crypto corporations working inside Hong Kong stay optimistic about their long-term prospe\u00adcts.<\/span><\/p>\n

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\u201cEver 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,\u201d Baumann stated.<\/span><\/p>\n<\/blockquote>\n

Yen Shiau Sin, the\u00ad managing companion of Titan Fund, expresse\u00add that the latest crackdown on cryptocurre\u00adncy in the United States has re\u00adsulted in potential bene\u00adsuits for Asian corporations. According to him, a number of tasks are\u00ad contemplating relocating and fascinating with Asian corporations.\u00a0<\/span><\/p>\n

The\u00ad focus areas of Titan Fund embody blockchain infrastructure, eat\u00adr functions (akin to gaming and NFTs), and monetary companies (together with alternate, wallets, and lending platforms). Howeve\u00adr, it\u2019s necessary to notice that new alternate\u00ads don’t obtain major atte\u00adntion from the fund attributable to present trade dynamics.<\/span><\/p>\n

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