CMCC Global’s Titan Fund Secures $100M for Asian Blockchain Ventures

Titan Fund, which is managed by CMCC International, has closed its inaugural funding spherical on October 4, elevating $100 million with the involvement of over 30 traders. Among the many outstanding traders are the blockchain startup Block.one, the Pacific Century Group, owned by Hong Kong enterprise magnate Richard Li, Winklevoss Capital, Jebsen Capital, and Yat Siu, creator of Animoca Manufacturers. The financing comes at a time when the cryptocurrency trade is dealing with a monetary disaster as a direct results of a string of failures that occurred within the earlier 12 months, one in every of which being the chapter of the alternate FTX.

CMCC International’s fourth fund, referred to as the Titan Fund, will focus its investments on three major areas: blockchain infrastructure, client purposes similar to gaming and NFTs, and monetary companies similar to exchanges, wallets, and lending platforms. This fund was created by CMCC International. Mocaverse, a non-fungible token (NFT) initiative situated in Hong Kong that obtained $20 million in September is without doubt one of the early investments made by the fund. Terminal 3, a Web3 knowledge infrastructure start-up additionally primarily based in Hong Kong, is one other preliminary funding.

Based on CMCC International co-founder Martin Baumann, the corporate was created in Hong Kong in 2016 with the intention of constructing investments in “the perfect entrepreneurs globally.” The corporate has a “pure attachment” to Hong Kong and believes that town possesses “a variety of potential” for innovation within the discipline of monetary know-how. Just lately, Hong Kong has modified its angle on cryptocurrencies, proposing new laws that may go into impact in October 2022 and would allow licenced cryptocurrency exchanges to welcome retail merchants as clients. Due to the modification to the regulation, town is changing into an more and more enticing location for crypto corporations.

Based on statistics offered by PitchBook, the worth of worldwide enterprise capital investments in cryptocurrency corporations had a lower of 70.9% year-on-year, whereas the variety of transactions skilled a lower of 54.5%. Regardless of the troublesome situations, CMCC International stays bullish on the long-term prospects of the cryptocurrency and blockchain industries, particularly in Asia, and has launched a brand new fund to reveal this confidence.

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