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The spotlight is on CMCC Global, a venture capital firm based in Hong Kong specializing in crypto, which has just successfully raised $100M for its new ‘Titan Fund’, with a focus on nurturing blockchain talent across Asia.

Key highlights include:

  • Titan Fund’s Triumph: Despite the crypto downturn last year, the Titan Fund has emerged triumphant, gathering a sizeable capital in its initial round.
  • Star Contributors: The fund has attracted high-profile investors, including, Richard Li’s Pacific Century Group from Hong Kong, Winklevoss Capital, Jebsen Capital, and Animoca Brands founder, Yat Siu.
  • Focus on Early-stage Startups: The Titan Fund, CMCC Global’s fourth, is geared towards identifying and investing in early-stage blockchain startups in Hong Kong. It has already made five investments, two in Hong Kong-based startups.
  • Noteworthy Investments: Investments to watch out for include Mocaverse, an intriguing new NFT project, and Terminal 3, a Hong Kong-based Web3 data infrastructure startup.
  • Global Ambitions: While the fund has a keen focus on Hong Kong, it seeks to invest in top-quality entrepreneurs globally.
  • Why Hong Kong: The choice of Hong Kong, according to Martin Baumann, CMCC Global’s co-founder, is due to the city’s significant fintech potential and commitment to the Web3 revolution, making it an attractive hub for budding entrepreneurs in the sector. Despite regulatory hurdles and the pandemic, Hong Kong remains a magnet for cryptocurrency firms.
  • State of the Industry: Hong Kong’s recent regulatory changes, which permit licensed crypto exchanges to serve retail traders, have stimulated the growth of new crypto businesses. However, fund-raising in the crypto sector is not without challenges, with decreased investments and the fall of the FTX exchange painting a complex landscape.

Despite challenges, the Titan Fund is strategically poised to concentrate on blockchain infrastructure, consumer applications like gaming and NFTs, and financial services, steering clear from exchanges.

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