CMCC Global Splashes $100 Million on Blockchain Fund Focused on Asian Startups

cryptonews.com:

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 VC firms focused solely on the blockchain ecosystem.

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

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

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

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

Shedding 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 firm Animoca Brands. It recently participated in a $20 million investment round on a newly acquired non-fungible token (NFT) ecosystem called Mocaverse. 

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

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

Instead, its strong connection with the Asian region has made it kick off its new fund operation