CMCC Global Secures $100 Million Investment to Support Asian Blockchain Start-ups Amid Hong Kong’s Cryptocurrency Initiatives

The post CMCC Global Secures $100 Million Investment to Support Asian Blockchain Start-ups Amid Hong Kong’s Cryptocurrency Initiatives appeared first on Coinpedia Fintech News

Hong Kong-based cryptocurrency-focused venture capital firm CMCC Global has secured $100 million for its latest fund, the Titan Fund, to support blockchain start-ups across Asia. This move comes as Hong Kong pushes forward with its virtual asset initiatives despite challenges in the crypto sector from previous collapses.

The Titan Fund achieved its initial funding round with success, drawing the interest of more than 30 investors. Among the prominent contributors was Block.one, Pacific Century Group under the leadership of Hong Kong magnate Richard Li, Winklevoss Capital, Jebsen Capital, and Animoca Brands’ founder, Yat Siu.

CMCC Global’s co-founder, Martin Baumann, revealed that the Titan Fund will focus on providing equity investments to early-stage blockchain start-ups, mainly focusing on Hong Kong. Among the fund’s initial investments, two are based in Hong Kong.

He said, “We aim to invest in the best entrepreneurs worldwide. If Hong Kong continues adopting Web3, naturally, more and more entrepreneurs will start companies in this field, and we can be their first capital. Since Hong Kong embraced this industry, we are seeing a steady increase in the number of new companies seeking to locate here and companies relocating to Hong Kong.” 

Hong Kong, once a thriving hub for cryptocurrency businesses, has seen some companies leave due to regulatory uncertainties and strict pandemic-related restrictions. However, the city signaled a significant policy shift in October of the previous year by embracing the cryptocurrency industry. New regulations were introduced, allowing licensed crypto exchanges to serve retail traders.

Although worries have arisen due to the suspected fraudulent exchange JPEX, which has shaken the confidence of everyday investors in digital assets, crypto firms in Hong Kong are still hopeful about the industry’s future potential. CMCC Global’s substantial funding round for the Titan Fund indicates growing interest and confidence in blockchain start-ups, suggesting a potential resurgence of Hong Kong’s crypto scene.