CMCC World, a enterprise capital agency specializing in crypto and blockchain initiatives, recently announced the successful raise of US$100 million for its newly launched Titan Fund. This fund is primarily focused on supporting early-stage Web3 start-ups based in Asia, particularly in Hong Kong.
The preliminary spherical of funding was efficiently completed on Wednesday, attracting over 30 buyers who joined the initiative. Notable contributors embrace Block.one, Pacific Century Group, Winklevoss Capital, Jebsen Capital, and Yat Siu- the esteemed founding father of Animoca Manufacturers.
Titan Fund to Assist Hong Kong’s Fintech Innovation
Martin Baumann, co-founder of CMCC World, revealed that the Titan Fund will specialize in fairness investments solely in early-stage blockchain start-ups. The fund’s major focus shall be on firms based mostly in Hong Kong, where CMCC World was established again in 2016.
Learn additionally: Hong Kong’s top VC firm approaches billionaires for $300 million Crypto funding
Baumann expressed a powerful connection to the metropolis and highlighted its immense potential for fintech innovation. Notably, among the many fund’s preliminary 5 investments, two had been directed in the direction of Hong Kong-based enterprises.
One among them is Mocaverse, an intriguing non-fungible token (NFT) undertaking launched by Animoca Manufacturers, which efficiently raised US$20 million in September. Moreover, Terminal 3 acquired pre-seed funding because it embarks on its journey as a Web3 knowledge infrastructure start-up.
Learn Additionally: Animoca Brands Targets $1 Billion Raise for Its New Web3 and Metaverse Fund
Baumann emphasised that whereas there isn’t any particular mandate regarding capital allocation to Hong Kong firms, the fund goals to spend money on top-tier entrepreneurs from all around the globe.
He additional talked about that if Hong Kong continues to embrace Web3 methods like Blockchain, extra opportunities for fintech innovation are anticipated to come up throughout the metropolis.
““If Hong Kong continues on its route of embracing Web3, there’ll naturally be an increasing number of entrepreneurs beginning firms in that area, and we may be their first capital,” Baumann stated.
Hong Kong’s Crypto Push Attracts Extra Corporations
In recent years, Hong Kong has skilled a big decline in crypto companies because they grapple with regulatory uncertainties and pandemic restrictions. However, the town took a noteworthy step in the direction of welcoming the trade by implementing new guidelines in October final yr.
These guidelines now enable licensed crypto exchanges to cater to retail merchants. Though the collapse of the allegedly fraudulent exchange JPEX has shaken retail investors’ confidence in digital property, crypto companies working inside Hong Kong stay optimistic about their long-term prospects.
“Ever since Hong Kong embraced this [sector], we see a gradual enhance [of] new firms aiming to quiet down right here and firms relocating to Hong Kong,” Baumann stated.
Yen Shiau Sin, the managing companion of Titan Fund, expressed that the current crackdown on cryptocurrency in the USA has resulted in potential benesuits for Asian companies. In response to him, a number of initiatives are contemplating relocating and interesting with Asian companies.
The focus areas of Titan Fund embody blockchain infrastructure, eatr functions (akin to gaming and NFTs), and monetary providers (together with change, wallets, and lending platforms). However, it’s necessary to notice that new changes don’t obtain major attention from the fund as a result of present trade dynamics.
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