There’s news from CMCC Global, a cryptocurrency-focused venture capital firm headquartered in Hong Kong. Accordingly, he successfully secured $100 million for the new Titan Fund. The fund defies financing restrictions that have affected the crypto sector due to a series of crashes in the previous year. Accordingly, it aims to support emerging blockchain start-ups across Asia.
Strong support for the Titan fund that will feed cryptocurrency projects
There was great interest in cryptocurrency-focused company CMCC Global’s Titan Fund. Accordingly, it completed its first financing round with the participation of more than 30 investors. Notable backers include blockchain firm Block.one, Richard Li’s Pacific Century Group. Also featured are Winklevoss Capital, Jebsen Capital and Animoca Brands founder Yat Siu.
The focus of the fund, which is the fourth move of cryptocurrency-focused firm CMCC Global, is in focus. Accordingly, it places significant emphasis on Hong Kong. Accordingly, it focuses on providing equity investments in early-stage blockchain start-ups. Two of its top five investments are in Hong Kong. However, Titan Fund’s mandate is not to allocate capital to Hong Kong companies. It aims to invest in the best global entrepreneurs in the blockchain space.
Hong Kong’s potential in fintech innovation
Titan Fund remains open to global opportunities. But cryptocurrency-focused company CMCC Global has a deep-rooted commitment to Hong Kong. Founded in the city in 2016, the firm believes in the enormous potential of Hong Kong’s fintech innovation, especially in the field of Web3 technologies.
Cryptocurrency-focused company CMCC Global predicts that more entrepreneurs will start companies in the Web3 space as Hong Kong continues to embrace this innovative sector. Additionally, the fund aims to be their first source of capital.
Hong Kong’s changing crypto landscape
In recent years, Hong Kong has been dogged by regulatory uncertainty. It has also witnessed a decline in cryptocurrency-related businesses due to strict pandemic restrictions. But the city embraced the crypto sector in October last year with new regulations that allow licensed crypto exchanges to cater to retail investors. Accordingly, it signaled a significant policy change.
There is a loss of confidence among investors following the collapse of the allegedly fake cryptocurrency exchange JPEX. Despite this, crypto firms in Hong Kong remain optimistic about the industry’s long-term prospects.
Attracting cryptocurrency projects to Hong Kong
Yen Shiau Sin, managing partner of Titan Fund, says the result of the US pressure on crypto projects. He notes that this has led Asian companies to see Hong Kong as a suitable location. “Projects are thinking of coming here and talking to us,” he says.
However, fundraising remains difficult in the current environment. The successful fund raising process of the cryptocurrency-focused company CMCC Global attracts attention. From Kriptokoin.com’s point of view, the move is very important after several high-profile crashes. There is also a dry period for crypto sector investments due to the prolonged market downturn. Accordingly, this investment is a notable exception.
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