CMCC Global Splashes $100 Million on Blockchain Fund Focused on Asian Startups
CMCC Global, an Asia-based blockchain venture capital firm, has announced the launch of its Titan Fund with a commitment of $100 million to support blockchain startups in the region. Founded in 2016, CMCC Global is one of the first Asian VC firms to focus solely on the blockchain ecosystem. The firm revealed that the fund’s initial focus will be on Hong Kong before expanding to other Asian hubs and eventually the world.
The Titan Fund is not solely funded by CMCC Global, as other investors such as Winklevoss Capital, owned by Gemini’s Winklevoss Twins, and Animoca Brands are also principal contributors to the blockchain fund. Block.one, Pacific Century Group, Jebsen Capital, and 30 other investors are also key players in the Titan Fund.
The fund will offer equity investments in early-stage blockchain infrastructure companies, consumer applications, and crypto financial services. CMCC Global has been actively involved in the crypto VC landscape for several years. It has strong ties with fellow Hong Kong-based crypto firm Animoca Brands and has participated in various investments, including a funding round for a non-fungible token (NFT) ecosystem called Mocaverse and a pre-seed funding round for Web3-focused services firm Terminal 3.
While the exact amount of the $100 million that will be deployed in Hong Kong is not set in stone, CMCC Global’s strong connection with the Asian region has led it to kick off its new fund operation there. Despite being an Asia-focused VC firm, CMCC Global has expanded its operations to North America and Europe.
Globally, the amount of capital invested in crypto-facing businesses has significantly dropped. According to data from RootData, VC funding in the crypto space decreased by 70% over a 365-day period, from over $1.8 billion in 149 rounds in June 2022 to only $520 million in 83 projects in June 2023. More recent data shows a 10.2% decline in the number of investment rounds and funding compared to the corresponding period in the previous year.
The declining interest in the cryptocurrency sector can be attributed to the stringent regulatory climate and subsequent market downturns that have affected the industry. However, the Hong Kong government has revised its stance on cryptocurrencies, leading to a rising number of crypto businesses choosing to relocate there.
CMCC Global’s Titan Fund aims to provide much-needed support and investment for blockchain startups in Asia and beyond. With its strong network and experience in the industry, CMCC Global is well-positioned to navigate the challenges and opportunities presented by the evolving crypto landscape.
