The “Titan Fund” has already invested in five distinct blockchain startups, allocating two of them to Hong Kong based ventures.
Hong Kong-based CMCC Global, a crypto-focused venture capital firm, has raised $100 million for Asian blockchain startups through its “Titan Fund,” which recently closed its initial funding round with 30 investors, including Block.one, Pacific Century Group, Winklevoss Capital, Jebsen Capital, and Animoca Brands founder Yat Siu. This fund will invest in blockchain infrastructure, consumer applications like gaming and NFTs, and financial services, with a strong focus on Hong Kong. CMCC Global’s Titan Fund is its fourth fund for early-stage blockchain startups, and it has already made five investments, including two in Hong Kong-based projects like Mocaverse and Terminal 3.
The $100 million crypto venture fund arrives at a time of reduced crypto funding due to the bear market and the aftermath of the FTX collapse. Pitchbook data reveals a significant 70.9% year-on-year decline in the value of global venture capital investments in crypto firms, accompanied by a 55% decrease in the number of deals. This marks a sharp contrast to the bullish period when crypto startups were raising billions, and the crypto space witnessed the emergence of new unicorns almost every month.
The launch of the crypto VC fund in Hong Kong also highlights the city’s growing importance as a secure haven for the crypto industry. Yen Shiau Sin, the Managing Director of the Titan Fund, noted that the crackdown on crypto in the United States has led Asian firms to consider Hong Kong as a favorable destination, stating that “projects are contemplating coming here to engage with us.”
Hong Kong unveiled a shift in its crypto policy in October 2022
The government clearly stating its commitment to developing regulations that promote Web3. Regulators reinforced this policy shift by crafting pro-crypto regulations, facilitating the emergence of regulated crypto exchanges, and even extending services to retail customers.
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