CMCC Global Splashes $100M into Blockchain Fund Focused on Asian Startups | Taza Khabre

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Asia-based blockchain venture capital (VC) firm CMCC Global has announced the launch of its Titan Fund, committing $100 million to support blockchain startups in the region.

Founded in 2016, CMCC Global is one of the first Asian venture capital firms focused solely on the blockchain ecosystem.

As announced on its official X page (formerly Twitter), the firm revealed that the fund’s first region of focus will be Hong Kong before expanding to other Asian centers and, by extension, the world.

However, CMCC Global is not the only investor in the Titan Fund.

According to one update shared with the South China Morning Post (SCMP) by co-founder Martin Baumann, Winklevoss Capital, owned by the Winklevoss Twins, and Gemini’s Animoca Brands are also major contributors to the blockchain fund.

Other investors such as, Pacific Century Group, Jebsen Capital and 30 others are also key players in the Titan Fund.

To shed light on its next steps, Baumann stated that the blockchain fund will offer equity investments in early-stage blockchain infrastructure companies, consumer applications and crypto financial services.

CMCC Global has been a key player in the crypto VC landscape for several years.

The investment firm has strong ties with fellow Hong Kong-based crypto company Animoca Brands. It recently participated in a $20 million investment round in a newly acquired non-fungible token (NFT) ecosystem called Mocaverse.

The VC firm also participated in a pre-seed funding round for Web3-focused services company Terminal 3 in August 2023.

Asked how much of the $100 million will be deployed in Hong Kong, Baumann said the figure is not yet set in stone.

Instead, its strong connection to the Asian region has led it to start its new fund operation there rather than elsewhere.

Despite being an Asia-first venture capital firm, CMCC Global has continued to expand its global roadmap. The company now has operations in North America and Europe.

Venture capital funding down 70%

Globally, the amount of capital injected into crypto companies has dropped dramatically.

According to a board created by RootDatathe amount of investments flowing into the crypto space fell by 70% in a 365-day roadmap.

Providing context, RootData stated that VC funding dropped from an additional $1.8 billion across 149 rounds in June 2022 to just $520 million generated by just 83 projects in June 2023.

Source: RootData

Month recent data shows that 166 investment rounds worth $1.69 billion have been made in the last 90 days. However, this figure reflects a decrease of 10.2% compared to the corresponding period of the previous year.

The decline in interest in the cryptocurrency sector cannot be attributed to a lack of innovation. Rather, it stems from the tight regulatory climate and subsequent market downturns that have plagued the nascent industry.

While many governments around the world have become increasingly cautious, the Hong Kong government took a different approach when revising its stance in October 2022.

Following this change, a growing number of crypto companies facing opposition in their home countries have chosen to relocate there.

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