CMCC Global, a crypto-centered venture capital (VC) platform in Hong Kong, has collected up to $100M. The cryptocurrency fund’s name is Titan Fund and it focuses on supporting blockchain startups in Asia with its opening funding round’s closure witnessed on 4 October. Up to thirty investors participated in the respective round.
A Crypto VC in Hong Kong Starts a $100M Fund Facilitating Blockchain Ventures in Asia
They included the blockchain platform Block.one and Yat Siu (the founder of Animoca Brands). The others’ names are Jebsen Capital, Winklevoss Capital, and Pacific Century Group of Richard Li (a tycoon in Hong Kong). Titan Fund intends to focus on investments in chief areas such as blockchain infrastructure and client apps including non-fungible tokens (NFTs) and gaming. They also include exchanges, platforms, and wallets for borrowing and lending.
CMCC Global’s cryptocurrency fund is its 4th to provide equity investments for early-stage blockchain ventures while focusing on Hong Kong. The fund has in advance made 5 rounds of investment. A couple of them move toward startups based in Hong Kong. One of the two Hong Kong ventures is Terminal 3 (a Web3-based data infrastructure venture). The other is Mocaverse (a blockchain platform Animoca Brands’ NFT project that launched in December.
Crypto Market Witnesses Continuous Decline Since the Collapse of the FTX Empire
It collected up to $20M in September this year. The $100M cryptocurrency venture fund is witnessed at a point when the crypto funding faces a draught. Following the collapse of the notorious crypto exchange FTX, the crypto market has been experiencing a huge bear market. As per the data provided by Pitchbook, worldwide venture capital-related investments in crypto entities have dropped.
The year-on-year decline is nearly 70.9% along with a fifty-five percent decrease in the number of contracts. This is quite opposite to the bull market when cryptocurrency ventures collected billions, seeing a unique unicorn each month.
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