CMCC International, a enterprise capital agency specializing in crypto and blockchain initiatives, lately introduced the profitable elevate 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 traders 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 Help Hong Kong’s Fintech Innovation
Martin Baumann, co-founder of CMCC International, revealed that the Titan Fund will specialize in fairness investments solely in early-stage blockchain start-ups. The fund’s main focus can be on firms primarily based in Hong Kong, where CMCC International was established again in 2016.
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.
Certainly one of 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 obtained pre-seed funding because it embarks on its journey as a Web3 information infrastructure start-up.
Baumann emphasised that whereas there isn’t any particular mandate regarding capital allocation to Hong Kong firms, the fund goals to put money into top-tier entrepreneurs from all around the globe.
He additional talked about that if Hong Kong continues to embrace Web3 strategies 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 increasingly more entrepreneurs beginning firms in that area, and we may be their first capital,” Baumann mentioned.
Hong Kong’s Crypto Push Attracts Extra Companies
In recent years, Hong Kong has skilled a major decline in crypto corporations because they grapple with regulatory uncertainties and pandemic restrictions. However, town took a noteworthy step in the direction of welcoming the business by implementing new guidelines in October final 12 months.
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 corporations 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 corporations relocating to Hong Kong,” Baumann mentioned.
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 corporations. In accordance with him, a number of initiatives are contemplating relocating and interesting with Asian corporations.
The focus areas of Titan Fund embody blockchain infrastructure, devourr purposes (corresponding to gaming and NFTs), and monetary providers (together with change, wallets, and lending platforms). However, it’s vital to notice that new changes don’t obtain main attention from the fund because of present business dynamics.
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