CMCC International, a Hong Kong-based blockchain-focused enterprise capital fund, introduced Wednesday that it raised US$100 million to launch the “Titan Fund.”
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- CMCC’s new Titan Fund will spend money on early-stage blockchain startups alongside the verticals of infrastructure, fintech and client functions akin to gaming, metaverse and NFTs.
- The fund’s anchor investor was software program agency Block.one, which dedicated US$50 million, whereas CMCC participated within the increase with a 15% common associate dedication. Different notable traders embrace the Winklevoss Capital, Animoca Manufacturers, Richard Li’s Pacific Century Group, and private investments from notable figures like Yat Siu.
- “The Titan Fund will speed up Web3 innovation in Hong Kong and past. CMCC International and their group are recognized to be conviction-driven traders which have recognized quite a few breakthrough innovators early on,” stated Siu, the chairman of Animoca Manufacturers, who acquired one of many first investments from CMCC by way of a warehouse deal into his Mocaverse mission.
- The fund’s launch and operations will likely be led by Yen Shiau Sin, CMCC’s new managing associate, who beforehand served as director of strategic investments at Block.one.
- Bitcoin is 59% beneath its all-time excessive of US$68,875 and the financial downturn has been inflicting hardships for a lot of crypto corporations. Blockchain intelligence agency Chainalysis reportedly axed 150 workers on this week, practically a month after Binance.US introduced slicing one-third of its workforce.
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