CMCC Global’s Titan Fund Secures $100M for Asian Blockchain Ventures

Titan Fund, which is managed by CMCC Global, has closed its inaugural investment round on October 4, raising $100 million with the involvement of over 30 investors. Among the prominent investors are the blockchain startup Block.one, the Pacific Century Group, owned by Hong Kong business magnate Richard Li, Winklevoss Capital, Jebsen Capital, and Yat Siu, creator of Animoca Brands. The financing comes at a time when the cryptocurrency industry is facing a financial crisis as a direct result of a string of failures that occurred in the previous year, one of which being the bankruptcy of the exchange FTX.

CMCC Global’s fourth fund, known as the Titan Fund, will concentrate its investments on three primary areas: blockchain infrastructure, consumer applications such as gaming and NFTs, and financial services such as exchanges, wallets, and lending platforms. This fund was created by CMCC Global. Mocaverse, a non-fungible token (NFT) initiative located in Hong Kong that received $20 million in September is one of the early investments made by the fund. Terminal 3, a Web3 data infrastructure start-up also based in Hong Kong, is another initial investment.

According to CMCC Global co-founder Martin Baumann, the company was created in Hong Kong in 2016 with the intention of making investments in “the best entrepreneurs globally.” The company has a “natural attachment” to Hong Kong and believes that the city possesses “a lot of potential” for innovation in the field of financial technology. Recently, Hong Kong has changed its attitude on cryptocurrencies, proposing new legislation that will go into effect in October 2022 and would permit licenced cryptocurrency exchanges to welcome retail traders as customers. Because of the modification to the regulation, the city is becoming an increasingly attractive location for crypto companies.

According to statistics provided by PitchBook, the value of worldwide venture capital investments in cryptocurrency companies had a decrease of 70.9% year-on-year, while the number of transactions experienced a decrease of 54.5%. Despite the difficult conditions, CMCC Global remains bullish on the long-term prospects of the cryptocurrency and blockchain industries, especially in Asia, and has launched a new fund to demonstrate this confidence.

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• Source: https://Blockchain.News/news/cmcc-globals-titan-fund-secures-100m-for-asian-blockchain-ventures