Hong Kong’s cryptocurrency-focused venture capital firm, CMCC Global, has successfully raised $100 million for its latest fund, the Titan Fund, signaling a renewed optimism for blockchain start-ups in the region.
Things are looking up for the crypto industry, indeed! Read on to know more about Hong Kong’s journey.
Hong Kong, a once-thriving hub for cryptocurrency businesses, has faced regulatory challenges and pandemic-related restrictions in recent times. However, CMCC Global’s Titan Fund, backed by prominent investors, is set to inject new life into the local blockchain start-up scene.
CMCC Global’s Titan Fund has achieved its initial funding goals with resounding success, attracting interest from over 30 investors. Notable contributors include Block.one, Pacific Century Group led by Hong Kong magnate Richard Li, Winklevoss Capital, Jebsen Capital, and Animoca Brands’ founder, Yat Siu.
Focusing on early-stage start-ups
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’s crypto landscape has seen its fair share of challenges, prompting some companies to relocate. However, a pivotal shift occurred in October of the previous year when the city embraced the cryptocurrency industry. New regulations were introduced, permitting licensed crypto exchanges to serve retail traders.
Resilience is key
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 and CMCC Global’s funding round certainly helped!
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